Where can I transfer my Stocks & Shares ISA of £500K plus to reduce the costs I am currently paying with Hargreaves Lansdown?

31 March 2022

Question by P

Where can I transfer my Stocks & Shares ISA of £500K plus currently with Hargreaves to ready made option costing less in charges. I know nothing of investments and want to leave this for my children.


Answered by Boring Money

Hi P,

Thanks for your question. You have already built up a significant amount of money to leave to your children which is great!

Being in the wrong investments can certainly put a limit on how much you leave behind. However, there is an even bigger threat:

Her Majesty's Revenue & Customs!

If the key goal here is to leave the money to your children then we need to be very careful of Inheritance tax. ISA's are usually a part of your estate for inheritance tax and this could leave a big tax bill for your children (up to 40%!!). Which is something I am sure you want to avoid!

Now, it may be the case that your are under the amount where inheritance tax is payable. But with such a large amount in an ISA you may very well already be over this.

So before recommending anything I would need to know a little bit more about your situation.

If you would like you can reply to this and I would be happy to have a chat to talk everything through.

That way we can make sure your money is going to your children and not to the tax man.

Thanks,


Luke James
Independent Financial Adviser

Answered by

Boring Money