Bed and ISA

[Leodog]

I have a Share Dealing account with IG. I would like to open a self managed share dealing ISA for tax year 2020/2021. Also there are two lines of shares in my share dealing account that I would like to transfer to the new ISA. what is the best way to do this?

 

I've seen the Bed and ISA process and I assume this is the best way to proceed. However, I have just a couple of questions:

 

1) Do I open the new ISA online myself in the first place and can I open a 2020/2021 ISA now?

 

2) Once the ISA is open, Do I contact the share dealing desk to do the Bed and ISA transfer?

 

3) Does the dealer execute the selling of my shares from my share dealing account and the repurchase in the ISA straight away if contacted in trading hours? (While on the phone with me) Does the re-purchase settle in my ISA immediately?

 

My concern is if I ask to do the Bed and ISA and then it is not carried out until later that the share price could move  significantly?

 

Can you tell me the risks as my understanding is that there is no delay in the execution of the sell and re-purchase in the ISA (this is immediate) However, is there a possible delay from when I ask for a bed and ISA to be done and the dealer actually proceeding with the instruction?

 

4) Finally, for selling entire holding and repurchase of two lines of shares what would the approximate cost be?

 

Thank-you in advance for your help. I look forward to your reply.

Regards