Retiring/Tax Fee Shares

Biabgirl

Hi All - I am Newbie looking for some advice please:)

Have just retired. I have SIP Shares with the company and classed a 'good leaver' I have already maxed out ISA for this year and have savings. 

Options I have are:

Cash in all shares tax free
Cash in some and retain some
Retain the shares - they will transfer to a CSN - think i would pay tax on any I withdraw in the future

Would it be worth keeping them as tax on savings is capped at £1000

Any help would be appreciated

wmb194

Biabgirl said:

Hi All - I am Newbie looking for some advice please:)

Have just retired. I have SIP Shares with the company and classed a 'good leaver' I have already maxed out ISA for this year and have savings. 

Options I have are:

Cash in all shares tax free
Cash in some and retain some
Retain the shares - they will transfer to a CSN - think i would pay tax on any I withdraw in the future

Would it be worth keeping them as tax on savings is capped at £1000

Any help would be appreciated

Not sure what you’re referring to when you say tax on savings is capped at £1,000: there’s a £1,000 zero% annual allowance for basic rate taxpayers on interest but this doesn’t usually apply to shares as they normally pay dividends (£500 zero% allowance for these). Other than that there’s no cap on the amount of tax you’ll pay on interest, dividends, capital gains etc.

 If you have an option to take them as tax free cash I’d do that: it’s normally considered high risk to own shares in individual companies.

Nardy

Instead of giving advice I’ll write about what I have done. Four years ago I started receiving a private pension and a year later a state pension. I also owned lots of shares in ISAs from Share Save schemes plus some shares that weren’t in ISAs. All my shares are now pulled together in one ii ISA. I did have some shares looked after by equiniti and moved them to my ISA to save on tax and remove the need to faff around looking after share certificates. I add to my ISA every year. 

DRS1

You have just retired.  Do you want to keep shares in your old employer?

That is a genuine question (for you to consider)