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For the attention of Ocarina2:- from A J Bell-
"What is Bed & ISA?
Bed & ISA is a way of transferring assets held outside of an ISA into an ISA so that future investment growth is sheltered from tax. The investments are sold, cash is transferred into the ISA and the investments are repurchased.
‘Bed and ISA can be useful if you want to take advantage of your annual ISA allowance but don’t have cash available to invest and do have investments held outside your ISA that you want to keep,’ explains Charlie Musson, spokesperson for AJ Bell Youinvest. You don’t have to carry out the sale and repurchase yourself. You simply fill in a form with your investment platform and they’ll do it for you.
You can also do this for SIPPs (self-invested personal pensions), where the technique is called Bed & SIPP.
Hope it helps.
I had to invest fresh funds into isa & sell s&s separately ,they wil take 3 days to arrive back in my account.
Only wayou I could do it.
Cheapie...Thanks for letting me know. I'll speak to them later
Ah! OK I understand what your saying....Thanks
I believe there is specific problem with H-L, it should be noted. I did a 'sell-and-subscribe', if that's right term yesterday with a different broker.
Curious that share dealers are not part of faster payments.
Ocarina2, if that latest post was aimed at me, in their eyes YOU are trying to get the funds OUT as that is the ONLY way YOU yourself can perform a BED & ISA.
Only cash can be moved between accounts and so the cash in your share dealing account has to 'clear' via the BACS system before YOU yourself can transfer it.
That is the ONLY reason that the share dealing companies specifically tell you not to try and perform a BED & ISA yourself, you will fall foul of Banking rules.
I hope that explains in full, all the best.
Ian
Nope....I'm not trying to get the funds out. just transfer.
The funds are not available for either as they are not cleared.
Settlement date Monday.
Hi again Ocarina, I have found the definitive answer, share dealing companies chose to use the BACS system:-
"Because they are not part of the faster payments system. Share dealing funds are paid via BACS"
Ther you go, so if you sell you can reinvest straight away, if you wish to withdraw any cash it has to be done via BACS and hence the delay before it can be re-invested unless you let them perform the Bed & ISA outright.
Morning Ian_....thanks for the heads up.
TBH I haven't used my trading account for years done transactions through ISA and SIPP
Ocarina2
I’m with HL, have got 3 trading ISA,s it’s normal done within seconds or minutes, bed n isa, I should Think it’s down to market volatility .
ATB
Morning, Ocarina2,
I think you will find that is the normal time delay, if you have ever in the past sold stock from your share trading account you can invest again straight away, but if you ever wanted to withdraw that amount in 'cash' you had to wait for three days to pass, have a look in the T&C as they state the delay time, usual banking practice to wait for everything to be cleared cash-wise, of the skeptical would say a way to hold onto your money for longer.. :-) That is why they advise you specifically not to try and perform a 'Bed & ISA' yourself as you cannot do it as quickly as they can.
Look it up you will find the three-day rule applies I sure.
All the best.
Ian
Some one posted that H-L taking 3 days to bed 'n ISA.......
I thought I'd be clever sell £20K from trading account, transfer to ISA, repurchase................
No can do, settlement date is Monday.
I have emailed them and waiting for reply, anybody managed to get round this?