Greetings finance wizards
Can I transfer existing shares into an ISA?
Psychman
Greetings finance wizards
Can I transfer existing shares into an ISA?
Psychman
Bitstring , from the wonderful person psychman said
In general only by sale and repurchase inside the ISA wrapper (and only up to your annual ISA allowance of course). There were once other rules for stock option shares and suchlike, back in PEP days, but I'm not sure those still apply (and it doesn't sound like your shares are of that type anyway).
This (sale and repurchase) will of course crystallise any capital gain (or loss), which is the idea.
and incur dealing charges from £7-30, spread (difference between buying and selling price 0.1-2%, and stamp duty on repurchase of 0.5%
Basically most people shares are held by a nominee on your (the beneficiary) behalf. Each company uses their own nominee, prompting the sale and repurchase.
Daytona
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