13th March 2012

Funds Network - OEIC to ISA transfer - Deadline 2 April

If your clients do not have new money to invest into an ISA, they could consider transferring an existing holding (OEIC, UT or SICAV) into a Stocks and Shares ISA. Our online service is a simple straight through process, eradicating the need to complete paperwork, therefore saving you time.

Please ensure that your paper or online OEIC to ISA application forms (Bed and ISA) are received by us by 2nd April 2012, so that we have sufficient time to process your request. Applications received after 2 April 2012 may not be processed for the current tax year.

All you require in order to proceed is

• To have shown your client an ISA declaration
• Your client’s National Insurance number
• Your client’s bank account details to be used for any income payments
• Ensure you have performed an IVC/AML check for your client

If you can tick each of these requirements the next step is to simply log in to Client Management.

Important information

• If you are reinvesting your client’s proceeds into the same fund(s) as held outside an ISA, they will not necessarily have the same number of shares they originally held.
• If you wish to move your client’s money from more than one OEIC into an ISA, repeat this transfer process for each OEIC you wish to transfer.
• You should be aware that your client will be out of the market for up to four working days.
• This OEIC to ISA service only allows a transfer from a client OEIC into an ISA held in their own name. To transfer money into an ISA held by someone else download, complete and post the OEIC/UT/SICAV sale form to fund your ISA and Deed of Gift letter/Irrevocable Gift form.
• This service will temporarily be unavailable for several days prior to the start of new tax year.

Tax, Trust & ISA, Investments