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Can i transfer shares from SIP to ISA?
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# 1
britishboy
Old 13-03-2011, 6:40 PM
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Default Can i transfer shares from SIP to ISA?

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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# 2
cloud_dog
Old 13-03-2011, 6:46 PM
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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).
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# 3
dunstonh
Old 13-03-2011, 7:39 PM
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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)?
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# 4
cheerfulcat
Old 13-03-2011, 8:20 PM
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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.
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# 5
britishboy
Old 13-03-2011, 8:41 PM
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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


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)
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# 6
britishboy
Old 07-12-2012, 5:05 AM
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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?
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# 7
anselld
Old 07-12-2012, 6:52 AM
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Quote:
Originally Posted by britishboy View Post
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.
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# 8
gadgetmind
Old 07-12-2012, 12:58 PM
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SIP shares can also be transferred into a SIPP (sorry!) which is very tax efficient.

http://www.employeebenefits.co.uk/re...s/8030.article
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# 9
xylophone
Old 07-12-2012, 4:18 PM
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http://forums.moneysavingexpert.com/...=#post57650041 post 3 might be relevant?
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# 10
britishboy
Old 07-12-2012, 5:25 PM
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Quote:
Originally Posted by anselld View Post
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?
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# 11
anselld
Old 08-12-2012, 8:48 AM
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Quote:
Originally Posted by britishboy View Post
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.

Last edited by anselld; 08-12-2012 at 8:51 AM.
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# 12
atush
Old 08-12-2012, 9:11 AM
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But of course you can after April 5th put the rest into next years ISA.

Or as gadget said, you can put them into a pension (which will mean tax relief on top ;-)
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# 13
britishboy
Old 09-12-2012, 11:19 AM
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Thanks people
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