Inheritance shares

piaad

Hello

I am very new to investing and having spent a while dealing with estates and probate, i find myself is great position to have a bit of money for the first time in my life 

Am I on the right train of thought please? I have inherited some shares, they are in BT and Lloyds Bank, At the current (low prices) it's about £15k. I don't need to sell so I am thinking of opening a stocks and shares ISA from April 24. Does that sound right?

What is the best platform please and I know this is a stupid question, but how do transfer what are fundamentally paper certificates into a online platform??

Thank you in anticipation of a bit of help 
P

boingy

You can't transfer shares into an ISA. You have to sell them, transfer the proceeds into the ISA and buy the shares again within the ISA.

Other folks will be along shortly to suggest that holding individual shares is not usually the best investment strategy. 

ColdIron

You should tuck them away in an ISA to avoid any tax obligations

You need to sell them as you can only put cash into an ISA

X-O are usually cited as a cheap and efficient way to dematerialise your paper certificates. You could rebuy the Lloyds and BT shares once the cash is in the ISA but many would recommend diversifying away from just two companies into some sort of collective fund. X-O don't do funds but you could transfer to someone else who does or look at Investment Trusts

MeteredOut

The process you want to do is colloquially called a "Bed and ISA" within the industry. After you've chosen your ISA supplier, tell them that and they will guide you through the process.

The "sale" part of the bed and ISA realises any gains on the investments, so you should check your tax position too. eg, will you be due Capital Gains Tax if you sell all £15K in this tax year.

As others have hinted at, since you have to sell them anyway, if you're not an active investor, you might want to consider investing the proceeds into a more diversified investment inside the ISA, rather than those two individual shareholdings.

wmb194

The problem with bed and Isa-ing these is that you'll have to pay 0.5% stamp duty + commission to buy them back, so £75 in stamp duty on £15k and also a small bid/offer spread on the price. All to buy BT and Lloyds...

If you really want to keep these then personally I'd open a GIA with e.g., iWeb* and lodge the certificates with it = no cost and iWeb doesn't charge account fees, just £5 commission when you buy and sell.

https://www.iweb-sharedealing.co.uk/

*Ultimately owned by Lloyds.