4.21.1 Maintain ISA Transfer

This topic provides information about the maintaining ISA transfer details.

You can maintain ISA trfansfer details using One Legged Transfer screen. This screen supports the following transactions:

• Transfer out
• Transfer in
• In Specie Transfer out
• In Specie Transfer in

Table 4-18 Maintaining ISA Transfer

Fields	Description
Transfer Out	This is a one legged transfer which is used to redeem holdings. On selecting the transfer out option, the system will auto calculate the number of units and will populate the Fund Grid. Transfer out will be a Redemption transactions and it will go as per aging logic maintained at fund level. The system will generate the underlying Transactions by units on authorisation of the transaction in the Transaction value field of the detail section. Under this One-legged Transfer, when all transactions are generated successfully, a unique reference number will be generated and this reference will be reference number for underlying transactions. The system will generate the redemption transactions on authorisation of this one-legged transfer. While generating if one of the transactions fail due to any of the validations, all underlying transactions will be rolled back. For failed transaction, the system will display an error message. The payment preference maintained at the time of Uh creation will be used as settlement mode. Transfer out can be used for ISA/non ISA accounts
Transfer In	This is a one legged amount based transfer. You can enter the transfer amount and fund details. On authorisation, the system will generate authorised subscription transactions at the fund Level. A new ref type (OI - One Legged Transfer In) will be available for such transfers.The settlement mode for such transactions will be cash. The Current Year ISA Subscription Amount will be used to update the ISA Limits. The system will validate the ISA amounts against the existing limits if the Unitholder Account already exists. If the ISA transfer in transaction exceeds the ISA allowance/ limit for the current tax year then on authorization of the transaction the system display an error message as “Exceeds the ISA allowance for the current tax year”. The system will consider the current ISA Transfer in transactions at the time of ISA allowance/ limit computation for the tax year. The system will not allow backdated transfers. However, you can record date of transfer which can be back dated. The system will use amount captured in the current year ISA subscription amount limit field to update utilised amount for the unitholder
In Specie Transfer Out	An investor can Transfer out his ISA account to another ISA manager during the current ISA tax year. This will essentially be a one- legged unit based transaction. Following are the different options available: Any year ISA - The system will auto calculate number of units that can be transferred and will populate the fund Grid. Previous Year ISA full – The system will auto calculate number of units that can be transferred and will lock the fund grid Current year ISA- The system will auto calculate number of units that can be transferred and will lock the fund grid Previous year ISA partial – The system will auto calculate number of units that can be transferred. However, you can modify this. On authorisation of the record, the system will generate redemption transactions at the Fund Level. In specie redemption transactions will have payment mode as ‘In Kind’ In specie Transfer Out will record these transfers.While saving, the system will automatically populate the Current Year ISA Subscription Amount and the Previous Year ISA amounts. If any un-allotted transactions are available at the time of ISA Transfer out transactions, the system will display an error message as “Un-Allotted Transactions available. Please do the Transfer once all Units are Priced!”. After an Any year ISA, the system will transfer the transactions,. If there is an investment in the ISA account then the system will display an error message as “ISA account transferred New investments not allowed” while saving Note: This will not apply for system generated transactions. This check will only be done for the Tax Year when the Full Transfer was done. Post that tax year this validation will not be applied. 5-70 If concurrent users try to capture transactions for the same investor for a tax year, ISA limit validation might lead to session time out. This is applicable for both online and gateway users. The system will display G1/G2 split of units (at fund level) under transfer. This will also be applicable to non ISA accounts.
In-specie Transfer-In	You can transfer your ISA account to another ISA manager during the current ISA tax year by either a complete ISA transfer or a Partial ISA transfer. This will essentially be a one- legged unit based transaction. The system will allow you to select ISA manger and based on the ISA manager chosen, the system will validate the transfer in funds against the list of funds mapped to ISA manager. If the fund does not exist in the list maintained at the Entity level then the system will display the an error message as “Fund not in Acceptance list for ISA manager”. The validation will be based on the Fund ID and the New ISA manager captured at the time of in-specie Transfer in transaction. This will be unit based transfer, you will not be allowed to enter Amount. On authorisation of the record, the system will generate an authorized Net Unit-based Subscription Transactions at the Fund Level. Inspecie Transfer In will be made available for these transactions.The settlement mode for these transactions will be ‘In Kind’. The Current Year ISA Subscription Amount will be used to validate the ISA Limits. If the ISA transfer in transaction exceeds the ISA allowance/ limit for the current tax year, then on save of the transaction the system displays an error message as “Exceeds the ISA allowance for the current tax year” The system will consider the current ISA Transfer in transactions at the time of ISA allowance/ limit computation for the tax year. You can record G1/G2 split of units under transfer at fund level. Backdated transfers will not be allowed. There will be no limit validation for previous year ISA transfer in. The previous year ISA transfer in date can be lesser than account opening date. First ISA transaction date will also be recorded during transaction capture. Note: System generated OLT transactions cannot be amended through transaction screens.