SAYE Share Transfer to ISA

dodmwe

I am in the process of shifting my matured SAYE shares into an AJBell ISA.

The shares are worth more than £20k, and AJBell have advised that they will move all shares into a dealing account,
and then transfer the maximum amount of shares (up to £20k) into the ISA, and leave the remaining shares in the dealing account. They state the ISA shares will not be subject to CGT.

However, I was of the understanding that SAYE shares had to go straight to ISA, and what AJBell are doing is moving them all to a dealing account first and then on to an ISA. Can anyone confirm this is acceptable and no CGT will be charged on the ISA proceeds?

I am aware that the shares remaining in the dealing account will be subject to CGT.

Many thanks in advance.

artyboy

To be fair, my understanding was exactly the same as yours, and when I did my transfer (to Interactive Investor), they told me that £20k would be allocated to my ISA and the residue to my GIA. However there was another thread here recently where someone made a transfer to Hargreaves Lansdown and the mechanics were also first to the GIA and then into the ISA. 

So it does appear there is a bit of latitude here. I'm not going to claim to be an expert, and if you were really concerned, I'd raise it as a query with AJ Bell to get them to put it in writing that £20k will be a direct transfer exempt from CGT, so at least they are on the hook if it goes pear shaped...

Brie

The crucial thing (that I missed out on) was that the transfer from SAYE to wherever had to be done within a certain time period of leaving the company.

eskbanker

Brie said:

The crucial thing (that I missed out on) was that the transfer from SAYE to wherever had to be done within a certain time period of leaving the company.

You must transfer your shares to your ISA within 90 days of when you took out your SIP or SAYE shares.

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