How do I go about getting a stocks and shares ISA?

OMAR

Hi,


I currently do BAYE with my workplace of £110 every four weeks to buy company shares....bought before Tax and NI


They are with Equiniti


Can these be placed into a S & S ISA straight away? How do I go about doing this?


I do have a cash isa with First Direct


Thanks Guys

chris_m

OMAR wrote: »

Hi,
I currently do BAYE with my workplace of £110 every four weeks to buy company shares....bought before Tax and NI
They are with Equiniti
Can these be placed into a S & S ISA straight away?

I very much doubt it.

Such schemes usually have a minimum holding period (2/3 years, possibly longer) before the shares can be disposed of with no tax liability - otherwise everyone would be doing it for as high an amount as they can because it would be a simple way of avoiding paying tax/NI. HM revenue & Customs aren't that daft.

You need to check the details and T&Cs of your company's scheme.

Vortigern

chris_m wrote: »

Such schemes usually have a minimum holding period (2/3 years, possibly longer) before the shares can be disposed of with no tax liability

That's true but additionally while the shares remain in the scheme there is no liability for CGT. The acquisition cost for CGT purposes will be the value of the shares when they are taken out of the scheme.

AFAIK this applies to shares purchased via an HMRC approved employee share incentive plan.

While the OP is not accruing CGT liability, there is little benefit in taking the shares out of the scheme, to then sell and re-purchase within an ISA.

Direct transfer from employee share scheme to ISA is possible for sharesave schemes, where shares are bought with the funds from an SAYE savings contract.

You still need to check the details and T&Cs of your company's scheme and HMRC's rules.