GIA to ISA Transfer between providers

F1001

Hi All - I have been given single stock shares into a Halifax Share dealing account. I already have a S&S ISA with Interactive Investor which I've been paying into and want to transfer these shares into my II ISA (I still have some allowance to use up this year). II only allows me to bed and ISA between its own trading account and my ISA account, so are telling me to open a new Trading account with II, transfer over the shares (or sell them and buy back in the Trading account?) and then they can transfer to my ISA.   Is this the best way? Other options? I think I am below the CGT and dividend threshold with these shares for now in case I do need to sell and transfer but thinking better to reduce transaction fees etc and do in the most cost efficient way (and also quickly if I need to do this by EOTY)... Thanks for your help!

ColdIron

ISA contributions must be made in cash so you're going to have to sell them regardless

eskbanker

F1001 said:

I have been given single stock shares into a Halifax Share dealing account

Is this perhaps via an employment-related share incentive scheme?

F1001

ColdIron said:

ISA contributions must be made in cash so you're going to have to sell them regardless

From my understanding, either I sell in Halifax (sales fee), withdraw the money, transfer to S&S ISA and repurchase the shares (standard fee), or I transfer in-specie from Halifax to II Trading Account (no transfer in/out fees) and then II do Bed & ISA between Trading Account and ISA account (no sales fee, standard fee to repurchase in ISA). Might look more efficient trading fees wise, but just read the transfer can take up to six weeks (?!) so quicker to just cash out and transfer in?  

ColdIron

F1001 said:

ColdIron said:

ISA contributions must be made in cash so you're going to have to sell them regardless

but just read the transfer can take up to six weeks (?!) so quicker to just cash out and transfer in?  

Yes, much much faster, some transfers can take longer than 6 weeks (though probably not for a single stock). It's not worth it for me to shave a few quid off the process. The share value may go up or down by the amount in a single day

If it was a company scheme you might Bed&ISA into a Halifax ISA (see the rules) and do an in specie transfer into the II ISA

eskbanker

ColdIron said:

If it was a company scheme you might Bed&ISA into a Halifax ISA (see the rules)...

If it's a qualifying company scheme, the process is a direct transfer rather than Bed & ISA (which is a sale and repurchase) as such:

https://www.gov.uk/tax-employee-share-schemes/transferring-your-shares-to-an-isa

F1001

ColdIron said:

F1001 said:

ColdIron said:

ISA contributions must be made in cash so you're going to have to sell them regardless

but just read the transfer can take up to six weeks (?!) so quicker to just cash out and transfer in?  

Yes, much much faster, some transfers can take longer than 6 weeks (though probably not for a single stock). It's not worth it for me to shave a few quid off the process. The share value may go up or down by the amount in a single day

If it was a company scheme you might Bed&ISA into a Halifax ISA (see the rules) and do an in specie transfer into the II ISA

Thanks - yes I was thinking the same. I looked into the Bed&ISA with Halifax but ham and will be paying into my II S&S ISA so I thought I can't open and pay into a Halifax S&S ISA while also paying into my II one? 

F1001

eskbanker said:

F1001 said:

I have been given single stock shares into a Halifax Share dealing account

Is this perhaps via an employment-related share incentive scheme?

Thanks - this was a bonus payment in company shares, so not an employee share scheme - although I also have one of those so need to think about what to do with that when the time comes.