Need help understanding the ISA transfer form.

Newbe on IE here, hello everyone. Got £0 on this paltform, just want to bring in some existing ISA money from Fidelity.

Need help understanding the ISA transfer form.

There are 2 choices in the Details section

  1. Transfer Current tax year and 2) Transfer previous tax years

For 1), How does one work out the approximate value of the transfer? Assuming the fund started with 30K at the beginning of the year and after adding 10K to this fund, it is now worth 50K. For certain the 10K contribution didn’t double, but more likely the whole fund may have grown by 10K. So what does one enter into the box? 10K or 20K or 10K plus a little bit of growth?

For 2) There are 3 radio buttons. No, Transfer All, Transfer part. It asks for an amount to transfer. So, what does one enter into the amount box?

For the Transfer all option, This is probably the only option I understand. It means you estimate the total value of all the funds added together and enter that. The source of the funds basically empties the whole lot out of the ISA account. I don’t want this option.

For the Transfer just part of previous years, What is the amount box supposed to reflect? Would it be the amount I wanted to transfer. Seems logical, but I need a concrete example. Say the total ISA account was worth £100K which was created over many years of ISA contributions and many years of growth and there were 12 OEIC funds in that account. Now I wish to transfer half, do I enter £50K in the transfer box?

What exactly happens at the source end of the transfer. I imagine that source platform will en-cash £50K worth of funds, but which fund will they select? There are 12 to choose from.

I should probably ask the source platform what they would do if they get a request to transfer half of an ISA account to another platform…

Hello John!

To calculate the value for the current tax year, you only need the current value of your ISA for this year. For example, if you have contributed £30,000 and the account has grown by £500, you should indicate £30,500 for the current tax year.

When it comes to transferring from previous tax years, the process is the same. However, please keep in mind that if you want to transfer only a portion of your previous years’ ISA, partial transfers can only be done in cash. In this case, you just need to specify the amount you wish to transfer.

Also please be adviced to verify your current and previous tax year values directly with your current provider.