Transferring of assets via re-registration moves your investments from one provider to another without selling them in the process. You can do this for assets held in an ISA or outside of a tax wrapper.
Assets in an ISA
When you transfer an ISA, you keep all of its tax advantages. You can continue to contribute into the ISA once it is transferred, subject to the annual limit on contributions of £15,240 (2016/2017).
Assets outside of a tax wrapper
Directly held assets not in an ISA are sometimes called Unwrapped or described as being within a General Investment Account. Re-registering directly held assets does not create a Capital Gains Tax event.
There are number of points to consider when re-registering either ISA or Unwrapped assets.
- You will not have access to your investments during the transfer period. This is normally under 25 days but will depend on your existing provider and it could take longer.
- Some providers make a charge for the re-registration of assets.
- Your existing provider may not support re-registration. In this case you would need to use the cash transfer process.
Any funds transferred to rplan after April 4th, 2014 will automatically be converted to the newer 'explicit' share classes. This means the name of the funds will change slightly to reflect the different share class of the funds; however, the underlying investments remain the same.
Investors who hold on Cofunds (e.g. with another broker/advisor) can transfer their investments using the Change of Agency process without causing a change in share class after March 10th, 2014. This is because your holdings will not be transferred across platforms, and so are not considered to be a new investments by Cofunds.