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
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.
Independent Financial Adviser