For organisations and individuals who manage investments or savings professionally, including institutional investors and intermediaries acting on behalf of someone else.
You can also use this process to move monies into the client’s PIA.
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
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.
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)
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.
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.
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.
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.
On average, clients are out of market for 5-6 working days. This is dependent on, (no open orders, not invested in a Separately Managed Account or pending deals in flight, in progress work completing). Advisers must also create a new work item to move monies from GIA cash to the ISA once the funds have settled.
The value of investments can go down as well as up, and the investor could get back less than was paid in. Laws and tax rules may change in the future. Personal circumstances and where the investor lives in the UK will also have an impact on tax treatment.
