Transfer Shares into ISA

[BrockTheBadger]

Hi, new to using this platform - can I transfer shares in a share delaing account into my ISA account, and if so, how? 

Thanks

[BigDeal]

You cannot transfer existing share holdings directly into an ISA - you would have to sell them and rebuy them in the ISA

[KMacnish]

Hi BigDeal, my (related) question is how to get money into my ISA to buy the shares! I am unable to transfer the money online at the moment, so I withdrew it to my bank account and tried to deposit it in the ISA. Instead, it went back into my regular share dealing account. 

[BigDeal]

No sure I can help you with that - may be a technical reason - in which case you need to speak to IG - and I know they are busy at the moment.  It may also be something to do with when you opened the ISA and/or whether you have funded another ISA with another provider in the current or the previous tax year as HRMC records may show your ISA allowance is held with someone else?

[CharlotteIG]

You can transfer UK shares from your share dealing account to ISA via the Bed & ISA process, which involves selling the shares and repurchase them on the ISA account. This process can be done over the phone with one of our dealers.

It'll cost £40 in commission per line of stock to sell the shares on share dealing account but free of charge to repurchase on the ISA. There will also be spread costs which is capped to roughly £30 per line of stock, however, this is generally cheaper for the majority of stocks. You may also be subject to Stamp duty and PTM levy.

If you're interested in doing so, please call or email us with instructions to transfer. You need to include the amount of shares, market name and both account numbers. 

I hope this helps. 

[CharlotteIG]

@BrockTheBadger