In specie transfer out

Looking where to park my isa for next year.
Understand you now offer in specie transfer in, Do you offer in specie transfer out?

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Hi @sach
In-specie transfers out (as well as GIA in-specie transfers) are in our road-map and set for release in the coming months. Keep it here for the latest updates on those!

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How likely the GIA in-specie transfers to ISA be available before May? I plan to transfer my InvestEngine GIA to ISA early next tax year but if it is not available soon, I may choose to sell and buy instead of waiting for the unknown. Any more clear estimation of timing? Thanks.

Hi @ojee ,
Unfortunately we can not give any precise dates as to when to expect in-specie GIA to ISA transfers at the moment. The team is currently working on this and a couple more features but we can expect them rolled out in a couple of months.

Hi @ojee,

Just to clarify, we can’t support GIA to ISA in-specie transfer as this is not permitted by HMRC. All new ISA subscriptions need to initially be cash.

ISA in-specie transfers in from other providers is live!

GIA in-specie transfers in should be available very shortly with an electronic form available on the app. If you do have a larger holding you want to transfer please contact our customer support team (We maybe able to support this now, depending on the provider your transferring away from)

Transfers out - we’re working through the details and supporting In-specie transfers where we can. This is a little more complicated as we offer fractional shares (only the integer can be transferred) but were working through the details.

Note We’ll only be able to accept in-specie transfer in of ETFs we currently have live. If you have another GBP LSE listed ETF you want to transfers. Please contact our support channel to discuss.

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Any update on in-specie transfers out for ISA and GIA? It’s been more than a couple of months.

Hi! We don’t have exact ETA for introducing this feature yet, but we’ll certainly post updates here and on social media once it is ready

Hi @Gerontius27,

I need to clarify here, we looked into this but we don’t have a clear path to in-specie transfers out for ISA/GIA. I don’t want to go too far into the technical details on a community post but just at a high level;

  1. You can’t transfer the custody of fractions of shares on CREST.
  2. While we could transfer any whole integer positions, we would require clear instruction & framework/process for doing this with any receiving party. (We haven’t received any approaches for this & don’t currently have processes in place)

It might be more appropriate to drop support@investengine.com an email if you want to discuss specifics regarding a portfolio or transfer to a specific 3rd party – We will try and support this where we can.

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Hi Tom,
Thanks for clarifying. I’ll reach out to support via e-mail as suggested.

Hello
Why not offering the option to buy per cash amount therefore would be fractional etfs and per unit then charge the cost to customers. I would much rather have in specie transfer out available then fractional ETFs.

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Is there any update on in-specie transfer-outs please?

It’s not so much that I want to transfer out right now but more so I have clarity on what is/isn’t possible in the future if I do need to move my ISA out of IE.

Personally I would much rather that you had a clear yes/no on this matter (like T212 has here “Note that we support ISA transfers only in cash. Therefore, any existing holdings would need to be sold before the transfer can take place.”) rather than the current ambiguous stance.

I’m sure you are exploring options and I can understand the complexities involved in designing a standardised process.

If you haven’t already, please do explore the idea above of some process to sell off fractions, leaving only whole shares which can then be transferred.

Thanks!

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I did a transfer out the other month and was told in specie wasn’t supported and was forced to sell my investments down

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Hi @rammal , Right now, we do not support in-specie transfers out. This is in our roadmap for the future so please keep a lookout here for when in-specie transfers out gets introduced.

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This is especially important for both business and personal accounts due to the tax implications. I suspect that’s holding back many investors as they fear being locked in (by taxes) unless outbound in-specie transfers are available.

The fact there’s no support for in-specie transfer outs is actually what’s holding me back from switching to Investengine. The idea of remaining locked in feels quite uncomfortable.

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I have just noticed that InvestEngine updated the Do you support in-specie transfers? FAQ page here.

And I was pleased to see that it states:

InvestEngine will soon be able to support in-specie transfers for GIA accounts and in-specie transfers out.

That’s fantastic news and probably be a game changer for InvestEngine’s AUM, as it will enable clients to transfer their securities without the fear of being locked-in and being at risk of incurring capital gains or corporation tax to transfer out!

Hi Daniel, thank you for feedback! Be assured we’ll let you know once the in-specie transfers are introduced

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