I have some shares and would like to bed and ISA them but my current provider isn't offering that

13 Sep, 2021

Question by Trevor

I’ve a stocks and shares ISA and I currently pay into it each month. I’ve some shares outside of an ISA and would like to bed and ISA them. My current provider isn’t doing it at the moment. Can I go to another provider and open a new ISA account?

Answered by Matt Angell

Hi Trevor,

Unfortunately, you can only have one stocks & shares ISA each tax year

However, you could transfer your existing stocks and shares ISA to another provider that will allow you to bed and ISA your shares within. Depending on the value of the shares please be mindful of the Capital gains tax payable for any gains over your personal annual allowance of £12,300.

But please be mindful not to breach your ISA allowance for this tax year of £20,000.

If this could cause an issue with regards to the shares, you could always consider transferring some shares across to your spouse or civil partner as this would not be liable to capital gains tax and allow them to bed & ISA the shares also.

Hope this helps answer your query and if you need any help at all please get in touch with one of the many advisers on the directory or myself.

Thanks

Matt

Answered by

Matt Angell

Founder & Financial Planner

I am the founder of Creative Lifestyle Planning, an independent financial planning firm that works with many families across the UK. Matt specialises in helping families to answer those all important questions they have on their mind and helping many clients gain a clearer, simply understanding of when and how to they can retire.

Creative Lifestyle Planning Ltd is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website http://www.sjp.co.uk/products. The ‘St. James's Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James's Place representatives.

Matt’s focus when starting Creative Lifestyle Planning was to make financial advice more focussed on an individual and families life in the past, present and the future using financial coaching to release any barriers you may have to live the life you wish to going forwards and provide a plan to give you financial peace of mind, safe in the knowledge that Creative Lifestyle Planning are taking care of their wider financial planning and are there to keep them on track to achieve their goals.

Matt has many interests outside of work including managing a non-league football team, playing golf very badly and having lots of time with his wife Lucy, Daughter Sophie and little Cockapoo Coco.

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