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With a couple of days to go before the end of the UK tax year, I thought I would post a quick overview of the Bed and ISA offering we have.

 

What is Bed and ISA

For those who aren't aware, an Individual Savings Accounts (ISAs) shelters your investments from Capital Gains Tax and further tax on dividends. The idea behind a BED & ISA is simple, as a client you can sell your non-ISA investments and then use the proceeds to buy them back immediately within an ISA, meaning the assets are in a more tax efficient wrapper. HMRC do not allow the movement of shares into an ISA, so they need to be sold and the cash transferred to the ISA before they can be repurchased. 

 

Costs of a Bed and ISA

We charge £40 on the sale of shares, but no cost on the repurchase. There may be PTM Levy of £1 to pay on both sides of the trade, depending on the share and the consideration of the trade. There will be a spread charged but no more than £30 - £50, and depending on the share, you may need to pay Stamp Duty on the repurchase within their ISA. 

 

Process

This needs to be done over the phone, however we are currently looking at ways to automate the process. Please give us a call and ask to speak to one of our sales traders. 

 

If you have any questions, please just ask. 

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Requested bed and breakfast of shares from share dealing to ISA account on 6th April. Still not executed, so I had to contact IG today, the 9th April. IG would not waive the fee and still have not executed the transfer. Poor service.

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Hi  - I'm sorry that there was a slightly delay in the Bed and Breakfast. As I'm sure you can imagine we have a significant number of these to process with it being a new tax year, and we can only execute the trades during the LSE market hours so couldn't clear anything over the weekend. I have spoken to the Senior Sales Trader who will be doing this and he has confirmed it will get done today. 

 

Apologies once again for the delay. 

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  • 11 months later...
  • 2 weeks later...

Another question. As this is done over the phone, the above mentions the 40 GBP charge on sale of shares.
Is this per position held or for the entire portfolio?
If it's a per-position price I'd imagine this gets really expensive really fast

Edited by DKp
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