Transfer share account into vantage ISA - HL

MarcoM

Hi,


I have a share account with H & L and also a Vantage ISA with them.


Would it be possible for me to transfer the share account into the Vantage ISA in the new tax year? Or would I have to sell my shares first and then transfer the proceeds into the H & L ISA?


Many thanks

DesG

Ask HL about costs for Bed&ISA for this. Unfortunately, ISA restrictions only allow cash to be added.

george4064

What kind of assets are you looking to Bed & ISA, are they shares/investment trusts or funds?

ColdIron

Do you have shares or funds in your Fund and Share account?

It's a sale and repurchase either way but there is a cost difference. Have a look at Can I put shares I already own into a Vantage Stocks & Shares ISA? in the FAQs then follow the Bed & ISA link

With Bed and ISA for funds there is generally no charge though there may be a gap between transactions. For shares they don't charge for the sale, only the repurchase

If you have shares you will also be charged 0.45% pa (capped at £45) in an ISA whereas in a Fund and Share account there is no annual fee

MarcoM

The fund and share account has a blackrock global property accumulation fund in it.


My vantage ISA has vanguard life-strategy fund 80 20.


I would like to transfer the fund and share account contents into the ISA with the same provider. I take it hmrc are not that daft to allow this...

reeac

We are in the course of gradually converting our share holdings into S&S ISAs via HLs "bed and isa" route. To my surprise the difference in price between sell and buy is negligible although there are the usual HL fees involved. If I've got it right the change of status clears us of any liability for CGT which is useful since we've held the shares for many years and for different lengths of time as some are from dividend reinvestment.

ColdIron

MarcoM wrote: »

I would like to transfer the fund and share account contents into the ISA with the same provider. I take it hmrc are not that daft to allow this...

Of course you can. Why would they be daft? Did you read any of the links provided?

george4064

MarcoM wrote: »

The fund and share account has a blackrock global property accumulation fund in it.


My vantage ISA has vanguard life-strategy fund 80 20.


I would like to transfer the fund and share account contents into the ISA with the same provider. I take it hmrc are not that daft to allow this...

In that case, you need to login to your account, navigate to your Vanguard Fund & Share account holdings where you should see the BlackRock Global Property acc fund.

There should be a button to the right which reads 'Bed & ISA', click there and follow the process to transfer it to an ISA (the holding will be sold, cash transferred within ISA and the proceeds purchased as per your instruction or held as cash).

MarcoM

many thanks for links and info.


the HL website states "Our Bed & ISA and Bed & SIPP service allows you to sell your shares free of charge and use the proceeds to open, or top up, an ISA or SIPP. You can then immediately buy the same shares back, choose another investment or hold cash. Please note the sale could generate a capital gain (or loss)".


So I would have to pay capital gains on the sale. But is there a capital gain allowance for this sort of transfer?

ColdIron

You only have to pay CGT if you realise a gain higher than your personal allowance, this is £11,100 in this tax year and next