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Transferring SIP shares

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s88
s88 Posts: 60 Forumite
Third Anniversary 10 Posts
edited 23 March 2021 at 9:45AM in Savings & investments
Hi,
I've recently resigned and have 793 free shares held in my ex employers SIP. As they were issued in batches, 71 of these shares are conditional therefore taxable, the other 722 are available tax free. I wish to transfer these shares to the CSN ( or Vanguard S&S ISA if possible ) and understand I will need to pay tax & NI on the 71 shares, but how do I do this? I have sent a message to Vanguard asking if it's possible to transfer all shares over to them, so awaiting their reply, but regardless of where they end, I'll still need to pay tax, but how? BACS, DD, cheque? (who still owns these things!?).
Furthermore, I have a cash ISA and S&S ISA opened in previous tax years and I contribute weekly & monthly respectively. Would it be possible to open another ISA with the company who are responsible for the SIP (Equiniti) ? I think I can only contribute to two ISA's in any tax year, but not too sure on this. If this is the case then I obviously won't be able to open a S&S ISA with Equiniti.

Comments

  • Albermarle
    Albermarle Posts: 27,732 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    You will be wasting your time with Vanguard, they only will hold Vanguard products on their ISA.
    You will need a platform that holds individual shares.
    You can only contribute new money to one S&S ISA in a tax year.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    You can't transfer shares to a Vanguard SIPP, or at least not if my understanding is correct which is that, like their ISA, its Vanguards product only.
    What is "CSN" ?
  • s88
    s88 Posts: 60 Forumite
    Third Anniversary 10 Posts
    edited 23 March 2021 at 11:26AM
    Thanks for the replies. One of the options is to let Equiniti sell the appropriate amount of shares to cover the tax & NI due on the 71, but I'd rather pay this myself. On the letter I've just received it mentions to pay by cheque once Equiniti calculate what is due and have contacted my ex employers payroll (?) I guess I'll need to get in touch with Equiniti to find out alternatives to cheque. I have some outstanding holiday pay I've yet to receive, so I'm wondering if tax & NI from transfer of shares will be deducted from this 'final wage' of sorts.

    What is "CSN" ?

    Sorry, CSN = Corporate Sponsored Nominee. In this case it is Equiniti Ltd. They are the company which are responsible for my ex employers SIP. They will hold the shares for me on my behalf, alongside my other shares of the company (ex employer) I purchased on IPO.
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