This step-by-step summary explains how to transfer money from a client’s Collective Investment Account (CIA) to their ISA – otherwise known as a ‘Bed & ISA’.
What you’ll need to get started
- The client’s ISA policy number.
- The amount to be withdrawn from the client’s CIA.
- The names of the funds being sold to pay for the withdrawal.
- The names of the funds to be invested in within the ISA.
Setting up a Bed & ISA
① From the homepage search for the relevant client.
② From the client’s dashboard select the client’s ISA account.
③ Click the ‘Top Up’ button and select the ‘Bed & ISA’ option.
④ Complete the relevant questions relating to the advice that’s been given and when the money is to be moved from the CIA to the ISA.
- Details of the selected CIA and the assets it holds will be displayed and you will see the estimated amount available to invest in your client’s ISA.
- Confirm whether you wish to move the money over to the ISA immediately or defer the payment until the beginning of the next tax year.
- Select the CIA assets which you’d like the withdrawal to come from. You can withdraw from specified assets or you can withdraw proportionally across all assets.
- If your client is invested in a model portfolio, the withdrawal from the CIA will be according to the model settings – proportional across all assets or align to target. If you wish to be more specific in targeting individual holdings in a model portfolio, e.g. for CGT planning purposes, you will need to unlink the client from the model before you complete the withdrawal instruction.
- Select the asset allocation for the new ISA contribution. The 'Advanced Search' option allows you to search using additional criteria. Alternatively, you can use the ISA’s 'Existing assets' and enter the percentage allocations.
- Click ‘Next’.
⑤ Generated documentation will be available including Key Investor Information documents for any new funds selected, and your client’s remaining ISA allowance will be detailed .Review the information and tick the declaration and click ‘Confirm’.
- The green banner at the top of the screen confirms your withdrawal instruction has been submitted.
- You will also receive an email confirmation shortly after you’ve submitted the instruction.
⑥ You can review the progress of your instruction from the client’s dashboard.
⑦ For Bed & ISAs where the proceeds are coming from a joint Collective Investment Account, you will need to send us a Bed and ISA form by post and complete the accompanying ISA application online.
How do I set up a Bed & ISA video