I pay into a SAYE scheme at work and have some company shares. Are there any stocks and shares ISAs that will accept the shares?

18 April 2023

Question by Malti

I pay into a SAYE scheme at work and have some company shares. I have further options maturing on 1 August for the next 3 years. I want to put the shares (existing and future) into an ISA and hold them rather than sell. I also have some spare cash each month I wish to invest. In total the value of the cash and shares each year will likely hover around the £20k mark. However, I am a complete novice. Are there any stocks and shares ISAs that will accept the shares in but also do all the investing of the cash for me so I don't have to manage the porfolio myself? The few I have called so far won't accept the shares in so I will have to sell them and pay in the cash. Any help would be great! Thanks


Answered by Holly Mackay

Hi. It's hard to say without knowing which company the shares are in and where these are listed. I suspect you will find it hard to get a platform to 'in-specie' transfer these into an ISA for you, if you currently hold them direct. To be honest, the admin hassle isn't worth it for them. Generally, interactive investor and Hargreaves Lansdown offer good service to share dealers - so if they say no, I would probably give up (sorry!).

As for the question about will platforms manage the cash bit - yes. Most of the ISA providers on our Best Buy tables will offer so-called 'ready-made' options - also known as 'multi-asset funds' or own brand portfolios. Your choice is whether to buy this option from a third-party provider (like a Vanguard or a BlackRock) or whether you buy the ready-made option that the platform makes (AJ Bell and Bestinvest offer this, for example).

In summary, it may be that you need to sell and buy back your shares (which will obviously have CGT implications so that's your call) to get them into the ISA. But this will count towards your annual allowance - so any contributions will count towards the annual £20k total amount. And then move forward from here. Hope this is helpful.

Holly

Answered by

Holly Mackay

Founder and CEO of Boring Money

I’ve worked in investment markets for over 20 years. I started out at Merrill Lynch Investment Management and worked at a few big names before setting up my first business in 2008.