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  • FIRST POST
    • britishboy
    • By britishboy 13th Mar 11, 6:40 PM
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    britishboy
    Can i transfer shares from SIP to ISA?
    • #1
    • 13th Mar 11, 6:40 PM
    Can i transfer shares from SIP to ISA? 13th Mar 11 at 6:40 PM
    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?
Page 1
    • cloud_dog
    • By cloud_dog 13th Mar 11, 6:46 PM
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    cloud_dog
    • #2
    • 13th Mar 11, 6:46 PM
    • #2
    • 13th Mar 11, 6:46 PM
    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

    Sometimes.... I am like a dog with a bone
    • dunstonh
    • By dunstonh 13th Mar 11, 7:39 PM
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    dunstonh
    • #3
    • 13th Mar 11, 7:39 PM
    • #3
    • 13th Mar 11, 7:39 PM
    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). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • cheerfulcat
    • By cheerfulcat 13th Mar 11, 8:20 PM
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    cheerfulcat
    • #4
    • 13th Mar 11, 8:20 PM
    • #4
    • 13th Mar 11, 8:20 PM
    If SIP stands for Share Incentive Plan then yes, they can be transferred into an ISA, as far as HMRC is concerned anyway.
    • britishboy
    • By britishboy 13th Mar 11, 8:41 PM
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    britishboy
    • #5
    • 13th Mar 11, 8:41 PM
    • #5
    • 13th Mar 11, 8:41 PM
    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)
    • britishboy
    • By britishboy 7th Dec 12, 5:05 AM
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    britishboy
    • #6
    • 7th Dec 12, 5:05 AM
    • #6
    • 7th Dec 12, 5:05 AM
    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
    • By anselld 7th Dec 12, 6:52 AM
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    anselld
    • #7
    • 7th Dec 12, 6:52 AM
    • #7
    • 7th Dec 12, 6:52 AM
    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?
    Originally posted by britishboy
    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
    • By gadgetmind 7th Dec 12, 12:58 PM
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    gadgetmind
    • #8
    • 7th Dec 12, 12:58 PM
    • #8
    • 7th Dec 12, 12:58 PM
    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.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
    • xylophone
    • By xylophone 7th Dec 12, 4:18 PM
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    xylophone
    • #9
    • 7th Dec 12, 4:18 PM
    • #9
    • 7th Dec 12, 4:18 PM
    http://forums.moneysavingexpert.com/showthread.php?p=57650041&highlight=#post57650041 post 3 might be relevant?
    • britishboy
    • By britishboy 7th Dec 12, 5:25 PM
    • 1,992 Posts
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    britishboy
    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.
    Originally posted by anselld
    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
    • By anselld 8th Dec 12, 8:48 AM
    • 4,450 Posts
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    anselld
    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?
    Originally posted by britishboy
    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.
    • atush
    • By atush 8th Dec 12, 9:11 AM
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    atush
    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 ;-)
    • britishboy
    • By britishboy 9th Dec 12, 11:19 AM
    • 1,992 Posts
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    britishboy
    Thanks people
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