Can i transfer shares from SIP to ISA?

longwalks1
longwalks1 Posts: 3,734 Forumite
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in Savings & investments
I have a company SIP scheme (basically its a buy one get one free scheme), can i transfer my 'available shares' (worth approx £4,000) into my recently opened S&S ISA? Whats the easiest way to do this please?

The broker holding my SIP shares through my work are terrible to deal with, I think i have to transfer the shares into another account, still with them, before i do anything with them?
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  • cloud_dog
    cloud_dog Posts: 6,043 Forumite
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    No.

    As far as I am aware you cannot 'transfer' anything into an ISA (unless its an old style PEP, but I think they are long gone / converted).
    Personal Responsibility - Sad but True :D

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  • dunstonh
    dunstonh Posts: 116,316 Forumite
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    When you say SIP do you mean SIPP as in Self invested personal pension plan? If so, what you are asking is if you can transfer money from a pension to an ISA. The answer to that is no.

    Or does the SIP stand for something else (like a internal name for a sharesave scheme or profit share)?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • cheerfulcat
    cheerfulcat Posts: 3,336 Forumite
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    If SIP stands for Share Incentive Plan then yes, they can be transferred into an ISA, as far as HMRC is concerned anyway.
  • longwalks1
    longwalks1 Posts: 3,734 Forumite
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    thanks cheerful cat, yup its a Share Incentive Plan, I guess i can only transfer across the shares held as 'available', am i right?



    GlaxoSmithKline 1,195.00p sB_apply_scheme.gif


    Summary Dividends Transfer & Sales Planner


    Latest contribution: £125.00 Date contribution received: 18-Feb-2011
    Share Type Status
    Partnership Shares 719
    Matching Shares 719
    Dividend Shares 329

    Total Shares
    1767
    Total Amount Invested By You
    £13,123.91
    Current Indicative Value
    £21,115.65
    Potential Gain
    £7,991.74


    Locked-in 0
    Current Value: £0.00
    Locked-in (no forfeiture) 658
    Current Value: £7,863.10
    Conditional 823
    Current Value: £9,834.85
    Available 286
    Current Value: £3,417.70






    I have 658 shares locked in
    823 shares conditional
    and 286 available shares (current sp is £11.85)
  • longwalks1
    longwalks1 Posts: 3,734 Forumite
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    Cheers all
    (Sorry for the long delay in coming back to this thread, had another thought)

    Yes Cheerfulcat sorry it is a Share Incentive Plan, I now have approx £5,000 available shares in GSK, could I transfer them into my S&S ISA for this years allowance AND buy £10k worth of shares before April? Or is it only a maximum of £10k (cant remember the limit) from all ways of payiong into it?

    Hope that made sense?
  • anselld
    anselld Posts: 8,277 Forumite
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    britishboy wrote: »
    Cheers all
    (Sorry for the long delay in coming back to this thread, had another thought)

    Yes Cheerfulcat sorry it is a Share Incentive Plan, I now have approx £5,000 available shares in GSK, could I transfer them into my S&S ISA for this years allowance AND buy £10k worth of shares before April? Or is it only a maximum of £10k (cant remember the limit) from all ways of payiong into it?

    Hope that made sense?

    11280 limit.

    Why do you want to transfer the sip shares though? They are normally held tax free while they remain in the sip so you will just be using up your allowance for no benefit.
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
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    SIP shares can also be transferred into a SIPP (sorry!) which is very tax efficient.

    http://www.employeebenefits.co.uk/resource-centre/analysis/maximise-tax-breaks-by-transferring-sips-to-sipps/8030.article
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

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  • xylophone
    xylophone Posts: 44,344 Forumite
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    http://forums.moneysavingexpert.com/showthread.php?p=57650041&highlight=#post57650041 post 3 might be relevant?
  • longwalks1
    longwalks1 Posts: 3,734 Forumite
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    anselld wrote: »
    11280 limit.

    Why do you want to transfer the sip shares though? They are normally held tax free while they remain in the sip so you will just be using up your allowance for no benefit.

    Thanks anselld
    Sorry I meant if I bought 11,280 of shares in my ISA before April, could I also transfer the £5k worth of shares currently held in my company SIP into my ISA as well (before April)? Or can I only pay in a total of 11,280 into my ISA per year? Wasn't sure if I could transfer my SIP ones as well as buy 11k worth in the same tax year?
  • anselld
    anselld Posts: 8,277 Forumite
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    edited 8 December 2012 at 9:51AM
    britishboy wrote: »
    Thanks anselld
    Sorry I meant if I bought 11,280 of shares in my ISA before April, could I also transfer the £5k worth of shares currently held in my company SIP into my ISA as well (before April)? Or can I only pay in a total of 11,280 into my ISA per year? Wasn't sure if I could transfer my SIP ones as well as buy 11k worth in the same tax year?

    Ah, no ... you cannot do both before April. Transfer into ISA from SIP still uses up ISA allowance.
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