Standard Life and their ISA Platform

Judesman

Standard Life will no longer provide an ISA platform and Standard Life is about to transfer my Standard Life Investment Trusts to the, extremely expensive, Alliance Trust ISA platform. One option is to sell my Investment Trusts and have the proceeds returned to me. (I am not concerned about losing the ISA status). However Standard Life advises me that this might have Capital Gains Tax implications. How can this be? I thought shares held within an ISA are exempt from capital gains so if I sell my shares how can a CGT liability occur? Any help please?

masonic

It "might have Capital Gains Tax implications" because they will be making that statement to cover all of the account types they offer, not just ISAs.

Are you being permitted to transfer out to another provider without charges (I couldn't find any information on charges to transfer out of this platform)?

xylophone

Standard Life will no longer provide an ISA platform

Is there a link to this? No indication here https://www.standardlife.co.uk/c1/accounts-and-services/isas.page

One option is to sell my Investment Trusts and have the proceeds returned to me. (I am not concerned about losing the ISA status). However Standard Life advises me that this might have Capital Gains Tax implications.

Makes no sense if your investments are held within an ISA.

http://www.standardlife.co.uk/1/content/resources/uk_internet/PDFs/Retail/tax.pdf
Page 11

Judesman

Masonic and Xylophone, thank you.


The correspondence we have received (yesterday) relates specifically to shares held within the Standard Life ISA. Standard Life will no longer provide a platform.


There is nothing on their web site. I am not surprised as the decision to do this was made over Easter and we have to find new provider by 30th April!!!


Transfer to Alliance Trust or a provider of my choice is without charge. I am thinking about Hargreaves Lansdown but I might also give instructions to sell the shares and have cash returned to me (I will lose ISA status but I am not concerned).


The odd thing is Std Life state that there might be CGT implications if we sell shares within the ISA.

masonic

Judesman wrote: »

Transfer to Alliance Trust or a provider of my choice is without charge. I am thinking about Hargreaves Lansdown but I might also give instructions to sell the shares and have cash returned to me (I will lose ISA status but I am not concerned).

If they are UK listed Trusts, then you could transfer the holdings (with ISA wrapper) to X-O or SVS Securities. They would attract no platform fee and <£6 trading fee.

Judesman

Thanks for that Masonic, I will have a look.