- On Summary page, go to Menu > Personal Portfolio > PP to S&S ISA
- Specify the amount to be taken from the Personal Portfolio or let the platform use up the client’s remaining ISA subs
- Tell us how you want to sell within the Personal Portfolio – i.e. across product proportionately or target specific funds/cash. If multiple Personal Portfolios exist, here it will be possible to choose what one is to fund the ISA. Please note, if you have Protected Assets these will need to be unprotected before they can be targeted for disinvestment.
- Tell us how to invest the money within the ISA. You can allocate in line with the existing Target Allocation (this is the default so you may wish to review before commencing), to a new model portfolio or bespoke funds.
- Confirm your instruction and generate a quote for the ISA.
Initial adviser charges cannot be requested via the PP to ISA tool. An adhoc Adviser Charge can be requested instead.
It’s important to remember when using the PP to ISA tool, the ISA subscription date is the day you submit the request and therefore can be completed up until 11:59pm on 5th April.
How to move monies from a Joint Personal Portfolio to an Individual ISA
You are able to move monies between accounts across Wrap. To do this, follow these steps:
- Process a withdrawal to move the desired amount from Personal Portfolio to Wrap Cash on the joint account. This can be processed via Menu > Personal Portfolio > Withdrawals. Please note, if you have Protected Assets these will need to be unprotected before they can be targeted for disinvestment. If disinvesting, on average, this can take up to 6 working days to complete.
- Send an email to wrap_money_out@abrdn.com confirming the request to move monies from the Joint Account to the individual Account. You must include: the Joint and Individual Wrap Account Numbers, the amount (£) to move across and if moving monies to multiple individual accounts, the % split.
- On the individual account(s) go to: Menu > Single Payments / Transfers and set up a contribution for the required amount. You must ensure the payment method is set to Cash Account. This is required before we can match the monies.
How to move money from Personal Portfolio to ISA without using our PP to ISA tool
If you would like to move monies from your client’s Personal Portfolio to open a new ISA or top up an existing ISA follow these steps:
- From the Summary page via Menu > Personal Portfolio > Withdrawals and set up a withdrawal from Personal Portfolio to Cash Account. Please note, if you have Protected Assets these will need to be unprotected before they can be targeted for disinvestment. If disinvesting, on average, this can take up to 6 working days to complete
- Once you have done this, from the individual account, you can then set up a new payment via Menu > Single Payments / Transfers. You must include the correct amount moving from Personal Portfolio and set the payment method to Cash Account. The platform cannot automatically move monies unless an expectation has been submitted.
- These steps can be done on the same day. Once the correct amount has settled and we have a submitted and valid expectation, we will invest the monies straight away
- Cash Account will not ring fence cash from withdrawals so remember this cash could be used to cover any charges or income if there is a shortfall
- If the cash that has settled does not match your new business expectation, the Wrap platform cannot move the money.
Frequently Asked Questions
How do I check my client’s current ISA subscriptions?
Before topping up your client’s ISA, it is good practice to check their current ISA subscription. For multiple clients you can run our ISA Subscription Report by going to Business Management > Menu > Adviser Reports > ISA Subscriptions Report. For individual clients you can check this from the summary page by going to ISA Stocks & Shares > Payment in > View all ISA Subscriptions.
What do I do if my client has over-subscribed?
We will receive a Notice of Discovery from HMRC and we will amend this on your behalf by moving the error monies to the Personal Portfolio. We factor in the growth by looking at the value of the ISA at the end of the relevant Tax Year.
Do I have to do anything before submitting a new contribution?
It is best practice to check Transactions > Payments/Withdrawals to ensure there are no outstanding instructions. If there are, we will use any new money received to fulfil this instruction.
Will my client be affected by Capital Gains?
Capital Gains tax applied when you sell any assets within a Personal Portfolio and the client has made gains exceeding their annual allowance. You can use our Capital Gains Scenario Tool (CGST) to view the proposed gains/losses. You can also generate a CGT report to view your client’s current allowances.
View the Capital Gains Scenario Tool guide
How long will my client be out of the market when using the PP to ISA tool?
Clients will normally be out of the market for 3-5 working days. This is the same if your client is invested in a Managed Portfolio Service. Please refer to our Trading Guide for details on trading timescales.
How long will my client be out of the market when moving monies from a Joint PP to ISA?
The overall process normally takes 7-10 working days as long as there are no open orders. If your client is invested in a Managed Portfolio Service, and any on-going rebalances being carried out by the DFM it will take longer. Clients will normally be out of the market for 4-6 working days. Please refer to our Trading Guide for details on trading timescales.