What do I do

sexyjessie599

Hi my husband and I have only managed to put £1500 each into two isa's with bradford and bingley and now want to merge the two and move to another provider.
In 2 weeks I will have £30,000 in shares from my former employer(saye).

I don't want to sell these as my bank has said they cannot beat them as investments and to keep them if possible.
What I would like to know is as I have only a few weeks to put these shares into a shares isa will I have to sell them or can I just open a shares isa and then put my shares in.

I am newly retired due to ill health with a tiny £4000 pa pension and my husband is self employed with no pension as the idea was save £250pm in saye and use this as our pension which would have been a sizable amount if I continued to work until age 65 ( now 49)hubby is 54.
Also would I be better to split the shares between us both as half does belong to my husband.
I hope this is not too garbled for you and that you can understand what I mean.
Thanks in advance

sexyjessie599

Anyone any advice for me on this please?

tanith

Don't have much advice but I am sure others will be along soon...

Regarding your two ISA'S you cannot now combine them without taking them out of their Tax Free Wrapper... they must be transferred in each separate name I'm afraid ... they must be transferred to keep the tax free status.. if you take them both out and combine them into a new ISA you lose the benefit you have so far gained...

sexyjessie599

Thanks,so I need to open one each and then transfer the £1500 into the new ones is this correct.
Jess

tanith

Yes thats correct, make sure that your new ISA provider allows transfers in from other providers and make it clear that you want to transfer in when you open the ISA'S, although you can also put another £3,600 in each one after April this year ... so you will be transferring 07/08's £1500 and using 08/09 allowance with the new money of up to £3600 Hope that makes sense.... It took me ages to get my head round ISA's and its complications lol:rotfl:

Mr_Mumble

On the SAYE shares: assuming the Bradford & Bingley ISAs are cash-ISAs then you can transfer £4,000 worth of shares into a mini-stocks and shares ISA now and a further £7,200 (using up the entire 08/09 ISA allowance) from April 6th.

You can use up your husband's allowance but you can't simply transfer shares in your name into his ISA. It would require a sale of the shares followed by a repurchase within the stocks and shares ISA component.

notis7

sexyjessie599 wrote: »

Thanks,so I need to open one each and then transfer the £1500 into the new ones is this correct.
Jess

why not move the 1500 from one isa to another - to maximise one isa and then capitalise on that one. banks and societies have started tiering their products....which is very cheeky - but you can benefit quicker by maximising at least 1 isa.....:cool:...then transfer it!

if you have a "spare"1500 then you can top up the second isa and transfer that too - but that will be your spare one....

sometimes we make things so complicated when financial institutions should keep things simple...

sexyjessie599

So have I got this right.
I open a mini stocks and shares isa and put £4000 of my saye shares into this, then in April I open another stocks and shares isa and put £7200 of saye shares in again and transfer B&B and the shares from the old ones into this.
I hope I have understood this right Lol.
Jess

sexyjessie599

notis7 wrote: »

why not move the 1500 from one isa to another - to maximise one isa and then capitalise on that one. banks and societies have started tiering their products....which is very cheeky - but you can benefit quicker by maximising at least 1 isa.....:cool:...then transfer it!

if you have a "spare"1500 then you can top up the second isa and transfer that too - but that will be your spare one....

sometimes we make things so complicated when financial institutions should keep things simple...

But how can I put his £1500 into my isa? will this be allowed.
Jess

sexyjessie599

Mr_Mumble wrote: »

On the SAYE shares: assuming the Bradford & Bingley ISAs are cash-ISAs then you can transfer £4,000 worth of shares into a mini-stocks and shares ISA now and a further £7,200 (using up the entire 08/09 ISA allowance) from April 6th.

You can use up your husband's allowance but you can't simply transfer shares in your name into his ISA. It would require a sale of the shares followed by a repurchase within the stocks and shares ISA component.

Hi what do you mean use up my husbands allowance,I don't understand what you mean?

sexyjessie599

Have now printed this off so I will remember the order in which I need to do this.
Thanks everyone I really do appreciate this as I don't have a clue and don't want to make any silly mistakes.
Jessie