Sipps

sabelu

Want to open a SIPPS pension and deal on line with current investments that are 'live', are there any fund managers that allow this? Can I use an online dealing site like Selftrade?

EdInvestor

sabelu wrote:

Want to open a SIPPS pension and deal on line with current investments that are 'live', are there any fund managers that allow this? Can I use an online dealing site like Selftrade?

Yes. Selftrade's Sipp (administered by Sippdeal) is pretty popular and inexpensive. A cheaper version is the Sippdeal direct one, which uses James Brearley as the online broker, but it really depends on how often you want to trade which will be the cheapest for you. The former has an annual fee but lower dealing charges, the latter has no annual fee but higher dealing charges.

sabelu

Obviously was'nt clear I want to transfer 'live' investments into a new SIPPS is this possible?

ReportInvestor

Definitely not if they aren't alreay invested in a pension.

dunstonh

If they are outide of the pension wrapper. Ie. shares, you can share exchance them into the pension but it would be treated as a disposal for tax purposes. You would also incur dealing costs on sell/rebuy.

sabelu

Realise I am ressurecting an old thread but supposing I gifted the shares to my spouse who then gifted them back to me as a live investment could I then immediately add them to a Sipp acoount and gain the tax concessions?

noh

sabelu wrote: »

Realise I am ressurecting an old thread but supposing I gifted the shares to my spouse who then gifted them back to me as a live investment could I then immediately add them to a Sipp acoount and gain the tax concessions?

No you will still be liable to CGT.
From the HMRC web site:-

"What if I transfer an asset to my husband or wife?

If you sell or give an asset to your husband or wife while you are legally married and living together, that does not give rise to a CGT charge.
If your husband or wife later sells the asset, he or she will work out the CGT at that time by looking at what you paid for the asset."

Nigel

sabelu

Can I then gift them to her into a Sipps account instead?

noh

Whichever way you do it the transfer into the sipp will be regarded as a disposal for CGT purposes. When working out the gain the accquisition cost will be what you paid for the assets. You cannot avoid CGT on disposal simply by transferring the shares between spouses.

Nigel

EdInvestor

Update on in specie transfers into SIPPs

What is your aim in doing this exactly?

sabelu

An update for those interested it has been confirmed that the AVC is seperate from my company scheme and will not be afected should that scheme fold. I have also been advised that with the Trustees agreement I can transfer this money where I like. If I transferred to a SIPP would I get the tax concession? Bearing in mind this is money transferred from a previous employers scheme. Also the fund has grown by 23k from a 43k start in Oct 03, whats the view?