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Are they moving it to a GIA, or selling it? if they’re selling it (or can you instruct them to), then the money will just sit in your S&S ISA as cash to buy something else, will it not?
Its only if its moved into your GIA (if they can do that) or return the cash to your bank, that would trigger the event
Pretty sure IG is a flexible ISA so withdrawal of current year contribution can be replaced before the end of the financial year, so you should be able to recover that allowance
@SiR_WeSt Yh so they automatically moved it to my GIA which is annoying ( and i only found out via an email ) as now i’ve essentially ‘lost’ a portion of the money from a tax wrapper and thats what i’m trying to chase up on
@Chart_Hunter As others have said, IG have flexible isas. If you sell from GIA, you should be able to put back into your ISA this tax year
@SiR_WeSt The thing is i have tried to click on fund fr my ISA and before i had already used up £20k for this year and it still shows this same message with this IG initiated transfer of this stock from my ISA to GIA
@Chart_Hunter Maybe just try a transfer and see if it will let you? And if not, get customer service to do it for you. I dont think HMRC would punish you for this since it is entirely beyond your control and doesn’t put you in a better position than a regular joe following the rules. Do keep all emails acts for 7 years just incase they query it
@Chart_Hunter Is it a flexible ISA if so have you checked the ISA allowance in the App? May have automatically given it back to you
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Bought ARM Holdings (the Nasdaq ADR) inside my IG stocks & shares ISA on Thursday. Trade went through with no warning at all. Today IG tell me it’s not ISA eligible and the position is being forced out into my share dealing account. As I understand it, the issue is that for an ADR to qualify, the underlying ordinary shares have to be listed or admitted to trading on an HMRC recognised exchange. ARM’s ADSs trade on Nasdaq but the ordinaries aren’t listed anywhere (SoftBank holds them), so it fails. Fine but their platform accepted and executed the trade inside the wrapper. No block, no warning, nothing. That feels like it should be their screening job, not mine. What I actually care about: the ISA allowance that purchase used up. Shares and gains are fine, they just moved accounts. But that chunk of my £20k for this tax year/previous years appears to be gone unless IG reinstate it.
Questions:
Has anyone had a broker reinstate ISA allowance after they permitted a non-qualifying purchase? Did it need a formal complaint or did they just fix it?
Anyone taken this to FOS? How did it go and how long did it take?
- Is there any HMRC route here, or is it entirely between me and the provider?