I have some shares outside of an ISA and would like to bed and ISA them but my current provider isn't offering that. Any advice?

13 September 2021

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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.