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APS ISA - cash out and re-open with paper shares

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Hi all,

Summary of question:
Looking for an APS ISA provider that will accept paper shares and charge either no custody fee or a very low fee, there will be virtually no trading on the account so trading cost is of no concern.

Long winded version of the question:

Mother in law passed away, father in law wants to unwind her ISA account with the current provider and gift the proceeds to his kids.

Now, he will have a substantial ISA allowance that I do not want him to lose. He has plenty of PAPER shares registered directly with companies and not via a broker. I suggested that he moves all those paper shares with a broker that will accept an APS allowance this way he will finally be able to benefit from an ISA wrapper (he never used one...)

Given the cheapest brokers generally do everything online, I wonder who would be the cheapest broker that would be able to help me with something like this? He never trades his shares and only distributes dividend income so not even re-invested.

THanks!

Comments

  • Alexland
    Alexland Posts: 10,183 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    APS allows your father to make a higher ISA contribution than his normal £20k allowance per tax year. However all ISA contributions need to be in cash unless they are held in an employee savings (SAYE) or incentive (SIP) scheme. As such he may need to sell and rebuy the shares, which may require capital gains tax planning, to get them into an ISA wrapper.
  • Disjoint
    Disjoint Posts: 181 Forumite
    Eighth Anniversary 100 Posts Name Dropper Combo Breaker
    Alexland wrote: »
    APS allows your father to make a higher ISA contribution than his normal £20k allowance per tax year. However all ISA contributions need to be in cash unless they are held in an employee savings (SAYE) or incentive (SIP) scheme. As such he may need to sell and rebuy the shares, which may require capital gains tax planning, to get them into an ISA wrapper.

    Thank you. I feel like an absolute fool not having thought about the tax implication of doing something like this... The capital gains implication will be far too large to benefit from the ISA.
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