Share ISA

eadmr04

I recently bought some shares from a works scheme. Am I right in thinking that if I open a share ISA and transfer the shares into it within 30 days of purchase, that they will be capital gains tax exempt up to a limit of £20,000? If this is correct, is there a minimum amount of time they have to be in the account before I can sell them? Could I transfer into the ISA one day, sell the next day and be CGT exempt? 

jimjames

Once anything is inside the ISA you can do what you want with it and have no tax impact whether that is one second, one year or 10 years

EthicsGradient

There should be no minimum amount of time in the ISA - once in, income and growth inside is exempt from incomer and capital gains tax. 

My understanding (I've never done it) is that you have 90 days for the transfer:

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

Tax and Employee Share Schemes: Transferring your shares to an ISA - GOV.UK

ColdIron

eadmr04 said:

that they will be capital gains tax exempt up to a limit of £20,000?

Nit picking perhaps but I think you are confusing two separate things

The £20,000 is the maximum amount you can transfer into an ISA in a financial year, it has nothing to do with CGT (or any other tax). Once in an ISA they will be free of most taxes, including CGT and dividend tax, without limit

Apols if you realise this already

kimwp

Make sure the ISA provider will accept the shares, including the route via which they will travel. A colleague found his provider didn't let him transfer shares into his ISA because they'd been moved into a non-ISA account.

Brie

Make sure as well that there is no penalty for removing the shares from whatever platform work has them.  There may be rules about how long you have to hold them in the work platform for them to retain the tax free status etc.