Transfer an Existing ISA to SCM Direct

Transferring an existing Stocks & Shares ISA or Cash ISA to SCM Direct preserves the tax-protected ISA wrapper — you do not lose your allowance, and you do not use any of the current year’s £20,000 allowance unless you also subscribe new money. SCM Direct does not charge a transfer-in fee. Typical completion time is three weeks from form submission; some losing providers take longer.

Before you start

Locate your current ISA reference number (on your most recent statement)
Know the name of your current provider exactly as it appears on their paperwork
Decide whether you want a cash transfer (your current provider sells, SCM Direct buys) or an in-specie transfer (existing holdings move across as-is; only an option if SCM Direct can hold them, which is unusual outside identical ETFs)

The four steps

Step 1 — Apply for an SCM Direct ISA at scmdirect.com/accounts/isa/. If you already have an SCM Direct account, skip to Step 2.

Step 2 — Complete the ISA Transfer Authority form. We will send this to you as soon as your application is approved. It is your written instruction to your current (losing) provider to release the ISA — either as cash or as the existing holdings — to your new SCM Direct ISA. You sign it; we send it to your current provider on your behalf.

Step 3 — Your current provider releases the ISA. The HMRC ISA Transfer rules give your current provider up to 30 calendar days to complete the transfer. Some are quicker; some take longer in practice. SCM Direct chases on your behalf throughout.

Step 4 — Funds are invested in your chosen portfolio. Once SCM Direct receives the cash (or holdings), the funds are allocated to your chosen portfolio within one working day. You’ll see the new balance and holdings in your dashboard.

What does it cost?

Nothing on the SCM Direct side — there is no transfer-in fee. Your current provider may or may not charge a transfer-out (exit) fee. Most major UK investment platforms now charge £0 to transfer an ISA out, but a small number still do — and SIPP exit fees are more common than ISA exit fees. Check your current provider’s fee schedule, or just ask them, before you start.

Will I lose my ISA allowance by transferring? No. Transfers under HMRC ISA Transfer rules preserve the wrapper.
Can I transfer a Cash ISA to a Stocks & Shares ISA? Yes. Same form, same process; specify the ISA type in your application.
How long does it take? Three weeks is typical; allow six.
Does SCM Direct charge a transfer-in fee? No.
Will I be out of the market while the transfer happens? During a cash transfer, yes — your current provider sells your holdings before sending the cash, and you’re out of the market until SCM Direct receives the cash and invests it (typically one working day after receipt). An in-specie transfer (re-registration) keeps your existing holdings invested while they move across, but it is only available where SCM Direct can hold the same investments, which, for our portfolios, means a small set of ETFs. In-specie also takes longer in practice (typically 4–8 weeks), and any fractional shares or unsupported holdings will be sold and transferred as cash regardless.

Next step - Ready to transfer?

If you already hold an SCM Direct ISA, request a Transfer Authority from your dashboard or by calling us on +44 (0)20 7838 8650. If you don’t yet have an SCM Direct ISA, apply for the ISA first — we’ll send you the Transfer Authority form as part of the application pack. Once it’s signed, we chase your current provider on your behalf.