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  • FIRST POST
    • Agrav
    • By Agrav 8th Jul 18, 9:33 AM
    • 5Posts
    • 0Thanks
    Agrav
    Transferring SAYE Shares to Innovative ISA
    • #1
    • 8th Jul 18, 9:33 AM
    Transferring SAYE Shares to Innovative ISA 8th Jul 18 at 9:33 AM
    Good morning,

    I was not able to find a step by step guide online about this - thought I would ask here.

    I have been paying into a Save As You Earn (SAYE) share scheme at work for the last 3 years. They are about to 'mature' and as such, will be able to exercise them.

    I would like to transfer/convert them into my Innovative ISA with LendingCrowd. Could someone outline the steps that would allow me to do this, please?

    Thanks,
    Lee
Page 1
    • redped
    • By redped 8th Jul 18, 10:15 AM
    • 607 Posts
    • 542 Thanks
    redped
    • #2
    • 8th Jul 18, 10:15 AM
    • #2
    • 8th Jul 18, 10:15 AM
    I did this several years ago with an TD Waterhouse ISA (now ii) - the steps are:

    http://https://help.ii.co.uk/system/templates/selfservice/ii/help/customer/locale/en-GB/portal/402800000001013/content/Auth-3833/Transferring-maturing-Sharesave-shares-into-your-ISA

    I would expect LendingCrowd to allow this as well. You need to contact whoever is running your sharesave scheme and ask them a Letter of Appropriation, which just confirms that you are transferring shares from a sharesave scheme.
    • Agrav
    • By Agrav 8th Jul 18, 10:33 AM
    • 5 Posts
    • 0 Thanks
    Agrav
    • #3
    • 8th Jul 18, 10:33 AM
    • #3
    • 8th Jul 18, 10:33 AM
    Thanks redped.

    The link does not seem to work, though?

    Lee
    • redped
    • By redped 8th Jul 18, 12:57 PM
    • 607 Posts
    • 542 Thanks
    redped
    • #4
    • 8th Jul 18, 12:57 PM
    • #4
    • 8th Jul 18, 12:57 PM
    Sorry, try this:

    https://help.ii.co.uk/system/templates/selfservice/ii/help/customer/locale/en-GB/portal/402800000001013/content/Auth-3833/Transferring-maturing-Sharesave-shares-into-your-ISA
    • Vortigern
    • By Vortigern 8th Jul 18, 1:09 PM
    • 2,497 Posts
    • 1,683 Thanks
    Vortigern
    • #5
    • 8th Jul 18, 1:09 PM
    • #5
    • 8th Jul 18, 1:09 PM
    Correct me if I'm wrong but an IFISA would not normally hold shares?

    Matured sharesave shares can be transferred to a Stocks & Shares ISA, without need for sale and repurchase, within 90 days of exercising the sharesave option.

    To get the cash into an IFISA you would need to sell the shares within the S&S ISA, then ask the IFISA provider to initiate an ISA transfer.
    • bowlhead99
    • By bowlhead99 8th Jul 18, 5:48 PM
    • 8,096 Posts
    • 14,755 Thanks
    bowlhead99
    • #6
    • 8th Jul 18, 5:48 PM
    • #6
    • 8th Jul 18, 5:48 PM
    I did this several years ago with an TD Waterhouse ISA (now ii) - the steps are:
    [Etc...]
    I would expect LendingCrowd to allow this as well. You need to contact whoever is running your sharesave scheme and ask them a Letter of Appropriation, which just confirms that you are transferring shares from a sharesave scheme.
    Originally posted by redped
    Lending Crowd wouldn't allow you to do this because what they offer is an I.F. ISA, in which you can hold P2P/crowdfunded loans. Not a stocks and shares ISA which allows you to hold shares of companies traded on a stock exchange, which is what Agrav wants to put into the ISA. It's the wrong type of ISA; Lending crowd are not a stockbroker so they don't offer the S&S type.

    As Vortigern says, the way to get the value of the shares into an IF ISA would be to put them into an S&S ISA with a stockbroker (although obviously, if you've already made ISA subscriptions since 6April this year you'd have to bear in mind the limit for the total amount of new money that can go into ISAs in a single tax year)...

    ... then sell the shares inside that S&S ISA...

    ... and then once the cash resulting from the share sale is sitting idle inside the S&S ISA, request Lendingcrowd to initiate a transfer or partial transfer of that spare cash over to their IF ISA.

    If you're just using the S&S ISA as a conduit, a way of transmitting the cash value of your sharesave shares into your other ISA, and you don't actually want to keep any S&S investments - it will pay to shop around because some S&S ISA providers have higher ongoing account maintenance fees or account closure fees than others.

    As a side note, if the amount of profit you've made in the Sharesave scheme is below the capital gains tax exemption for the year and you don't expect to have any other capital gains this year, then you may not need to mess around trying to put your maturing shares directly into an ISA - you could simply sell the shares via any broker, get the cash, and subscribe that cash directly into the IFISA.

    Transferring the shares themselves into an S&S ISA before selling them is a technique that has the benefit of your share sale not attracting any CGT, but if the amounts are small enough the capital gains will fit into the 11700 exempt amount and not really be something that you need to bother avoiding, if it incurs costs and hassle of opening and closing extra ISA accounts.
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