A ShareSoc member has sent in this question. Can anyone help?
I currently hold an ISA with the Share Centre which is being taken over by Interactive Investor and I was interested to read Roger Lawson’s article “Share Centre: The Future” in Issue 113.
In the past I had made use of the Share Centre’s Flexi ISA and had assumed that the same facility would apply once my account was transferred over to Interactive Investor, but having checked with the Share Centre this will not be the case. Apparently the flexible repayments against that value will be permitted until 5th April 2021.
The Share Centre indicate that they do not expect that ii will allow a further flexible withdrawal following migration, or that they will continue to offer the flexible ISA in future tax years. They also suggest that if I choose to transfer to a different ISA provider, then the ISA regulations will not permit any flexible allowance to be migrated. I am not sure that this latter point is entirely correct as my ISA with Investec was transferred to the Share Centre within the last 18 months and was able to make flexi withdrawals subsequently.
I would be very interested to know if any other ShareSoc members with Share Centre ISAs have been able to find a stocks and shares platform offering flexi ISA accounts.
If you can help, let us know at email@example.com and we will forward the information to the member.
Cliff Weight, Director, ShareSoc