Just as you can transfer an ISA managed by another service provider to Nutmeg, you also have the option to transfer an ISA with Nutmeg to someone else. Bear in mind, when transferring your ISA, you may transfer to a different type of ISA, be it a stocks and shares, cash or innovative finance ISA.
For any money you’ve invested in previous tax years, you may transfer all or part of your contributions. However, any money you’ve invested in an ISA in the current tax year must be transferred in its entirety.
Either way, you'll need to find the transfer application form from your new ISA provider and send it to them. The new provider will then contact us with your instructions on how to handle the transfer. If you choose to withdraw the money without said form, you’ll then not be able to reinvest the amount as part of your £20,000 tax-free annual allowance.
For a regular transfer, we will sell your invested assets in the market and send your new provider the approximate value in cash. The amount you request on the transfer form and the amount we send to your new provider may differ slightly due to market movements. Note that between providers there will be a period when your cash will not be invested. The value of your portfolio, therefore, may change compared to if it had remained invested. In some cases, you will be better off as a result, but in others you will miss out on some gains.
If you request an in specie transfer out, where we transfer the investments held in your portfolio to your new provider rather than sell the investments and send them the money as cash, you will need to pay £20 per stock. Please contact us to request an in specie transfer.