How do I move monies from an individual GIA to ISA?
To process a GIA to ISA movement, follow the below steps:- Specify the amount to be taken from the GIA and sell down the appropriate funds. Refer to our Buying and Selling guide for assistance.
- Wait for these funds to settle. Please check the Contract Note for each funds settlement date.
- Set up and submit a new product payment via: Clients Account > New Work > New or amend product payment.
- Complete the remaining wizard and submit.
For an in-depth help guide on this process, please refer to our guide on Transferring Cash to the Elevate ISA or Elevate PIA.
You can also use this process to move monies into the client’s PIA.
You can also use this process to move monies into the client’s PIA.
How do I move monies from a Joint GIA to an Individual ISA?
You are able to move monies between accounts across abrdn Elevate. To do this, follow the below steps:- Instruct a sell down within the Joint GIA and wait for the funds to fully settle.
- Complete the Move Assets to New Owner Wizard under Client’s Account > New Work.
- Wait 48 hours for this to be authorized.
- Once cash is showing in the individual GIA, you can complete the same process as “Make a One-Off Contribution” but select Elevate GIA Cash or Elevate PIA Cash as the Payment Method.
N.B. We will only authorise if the accounts are linked for charging purposes and have the same residential address noted. Otherwise, we will need a completed “Authority to Transfer Assets Form” found on the Literature tab.
Frequently Asked Questions
How do I check my client’s current ISA subscriptions?
Before adding a contribution to your client’s ISA, it is good practice to check their current ISA subscription. To do this go to: Client Account > Summary > View Wrapper Summary Table > expand the ISA.
If you would like more information on payments made within a specific tax year, then a "Contribution and Withdrawal" report can be generated under Report & Documents > Request Report.
Can you provide me with a full breakdown of my client’s contributions?
Yes. The Contributions and Withdrawals report allows you to export a record of business flows into and out of Elevate, and view this in a flexible Excel format. You can generate a report at:- Client Level – for a detailed view of client payments in and out of Elevate for a single product wrapper or an entire client account; or
- Adviser or firm level – for a consolidated view of business flows into and out of all your Elevate accounts (subject appropriate user access permissions)
How to generate a Client Level Contribution and Withdrawals Report
- Log into Elevate, and from your client’s account, navigate to: Reports & Documents > Request Report.
- Select from date or tick from inception.
- Select to date / as at.
- Tick Contributions and Withdrawals report.
- Specify a single product wrapper or select Elevate Combined to show business flows for all product wrappers over the specified time period.
- Click Go.
What do I do if my client has over-subscribed their ISA?
We will receive a Notice of Discovery from HMRC and we will amend this on your behalf by moving the error monies to the General Investment Account (GIA). We factor in the growth by looking at the value of the ISA at the end of the relevant Tax Year.
Will my client be affected by Capital Gains?
Capital Gains tax applied when you sell any assets within a GIA and the client has made gains exceeding their annual allowance. You can generate a CGT report under Reports & Documents > Request Report and then put this into our Capital Gains Scenario Tool (CGST) to view the proposed gains/losses. Full guides are available once the Capital Gains Tool is launched.
Please ensure the CGT report is run from inception of the policy for accuracy.
How long is my client out the market when moving monies from a joint GIA to an individual ISA?
On average, clients are out of market for 7-8 working days. This is dependent on, (no open orders, not invested in a Separately Managed Account with a DFM, and all accounts must be family linked). Please ensure you create a new work item to move monies from Joint GIA Cash in to the ISA once the funds have settled.