Need to move SAYE shares

Trencherpilot2

Hi, can anyone recommend a trading account that will let me transfer shares that I have bought through a SAYE scheme into it, to then Bed and ISA them. They are currently 'Held for me' by the link group, the value is too much to sell due to CGT, and the div payments will be liable for it too if I don't get them moved soon. Link want 1.5% commission to sell them.

Is my best option as described above or is there a better way? Shares worth around 18k, and there are more to come over the next 3 years. 

The share price has risen dramatically over the last few weeks, and looks like keeping going, so I need to act soon.

My plan was open ii trading account and ISA (4.99/mth) transfer them for I think £35 > 50 fee, then bed and ISA.

Any advice gratefully received.....

InvesterJones

Bed and ISA will make you liable for CGT. You need to buy and directly transfer into a S&S ISA within 90 days of maturity I think to avoid it. In your case, go direct from the linkgroup to the II ISA.

wmb194

Trencherpilot2 said:

Hi, can anyone recommend a trading account that will let me transfer shares that I have bought through a SAYE scheme into it, to then Bed and ISA them. They are currently 'Held for me' by the link group, the value is too much to sell due to CGT, and the div payments will be liable for it too if I don't get them moved soon. Link want 1.5% commission to sell them.

Is my best option as described above or is there a better way? Shares worth around 18k, and there are more to come over the next 3 years. 

The share price has risen dramatically over the last few weeks, and looks like keeping going, so I need to act soon.

My plan was open ii trading account and ISA (4.99/mth) transfer them for I think £35 > 50 fee, then bed and ISA.

Any advice gratefully received.....

Interactive Investor is the broker that comes up as a good one for SAYE to Isa. You should never need to pay Link's rip-off commissions.

https://forums.moneysavingexpert.com/discussion/6460322/share-save-move-money-into-isa

artyboy

wmb194 said:

Trencherpilot2 said:

Hi, can anyone recommend a trading account that will let me transfer shares that I have bought through a SAYE scheme into it, to then Bed and ISA them. They are currently 'Held for me' by the link group, the value is too much to sell due to CGT, and the div payments will be liable for it too if I don't get them moved soon. Link want 1.5% commission to sell them.

Is my best option as described above or is there a better way? Shares worth around 18k, and there are more to come over the next 3 years. 

The share price has risen dramatically over the last few weeks, and looks like keeping going, so I need to act soon.

My plan was open ii trading account and ISA (4.99/mth) transfer them for I think £35 > 50 fee, then bed and ISA.

Any advice gratefully received.....

Interactive Investor is the broker that comes up as a good one for SAYE to Isa. You should never need to pay Link's rip-off commissions.

https://forums.moneysavingexpert.com/discussion/6460322/share-save-move-money-into-isa

I used II last year for this and it worked well - they put £20ks worth into an ISA and the remainder went into the GIA.

Trencherpilot2

Thanks for the replies. Bitten the bullet and opened an ii account and as half were bought last year and half in June 24, I might be able to squeeze a bed and ISA and avoid CGT. Other wise, will move bits in 2 different tax years

InvesterJones

Trencherpilot2 said:

Thanks for the replies. Bitten the bullet and opened an ii account and as half were bought last year and half in June 24, I might be able to squeeze a bed and ISA and avoid CGT. Other wise, will move bits in 2 different tax years

To repeat, do not bed and ISA - doing so might make you liable to CGT. Instead, transfer direct into ii's ISA. The ones you bought last year are no longer SAYE shares, so chance has gone for them, but the ones bought in June 24 are still covered.

artyboy

InvesterJones said:

Trencherpilot2 said:

Thanks for the replies. Bitten the bullet and opened an ii account and as half were bought last year and half in June 24, I might be able to squeeze a bed and ISA and avoid CGT. Other wise, will move bits in 2 different tax years

To repeat, do not bed and ISA - doing so might make you liable to CGT. Instead, transfer direct into ii's ISA. The ones you bought last year are no longer SAYE shares, so chance has gone for them, but the ones bought in June 24 are still covered.

This x100!! Maturing SAYE schemes are a very exceptional case where shares can be DIRECTLY placed in an ISA, without the need to sell and rebuy via a Bed and ISA process. But there is only a 90 day window from acquiring the shares for you to put them in the ISA.

II will want you to give them a 'letter of appropriation' from the administrator of your SAYE scheme to prove that they are eligible, but it was a pretty simple process when I did it - the administrator was very familiar with the process and provided the letter in a few days.

Trencherpilot2

Signal shares aka Link group, do they try and make it sound as complicated as possible and fob you off with duff info in the hope you'll just sell your shares through them at exorbitant commission prices?