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This is a mail HL sent me. Instructions to bed and isa whilst in lockdown.
In a recent communication we let you know that in response to the Coronavirus pandemic we’re considering other steps to help maintain our service in the coming weeks ahead.
Our clients, colleagues and their families are our priority and as we move through this situation, increasingly we’re finding many of us are self-isolating and or looking after our loved ones. With this in mind we’ve been looking to prioritise some of our services. We’ve approached this by looking at what services we offer that can be completed by clients in an alternative way.
As such, from 20 March we’ll no longer be offering a packaged Bed and ISA or Bed and SIPP service. You will still be able to sell investments to fund your ISA or SIPP contribution, but we won’t perform all of the steps on your behalf with a single instruction. This is a temporary measure and we’re sorry for any inconvenience it may cause. We will make sure any Bed & ISA/SIPP applications we’ve received up until 20 March are honoured.
Whilst we can’t offer our Bed & ISA/SIPP service currently, there is another way you can utilise your ISA and/or SIPP with investments held in your Fund and Share Account.
Your options – moving investments to an ISA or SIPP
Log in to your Fund and Share Account then:
Sell your investment – sell the investments you would like to move from your Fund and Share Account
Transfer the cash - once the cash from this sale has settled, go to the Cash tab to transfer the money from your Fund and Share Account to your ISA or SIPP
Buy your investment back in your ISA - using your transferred cash you can buy your investments back within your ISA or SIPP
Important information about Bed and ISAs/SIPPs
Due to the bid offer spread on fund dealing and the charges incurred for share dealing you won’t buy back the same number of shares/units as you’ve sold.
There is a settlement period for equity deals of two working days, and typically four working days for fund deals, you won’t be able to transfer the cash until the stock has settled.
Thank you for your patience and understanding at this time.
This email is not personal advice. If you’re not sure an investment is right for you, seek advice. Once in a SIPP you normally cannot access the money until you’re 55 (57 from 2028). Tax rules can change and the value of any benefits depends on your circumstances.
£4000 per penny thats £18,000 worth
Make a buy in IG its tax free and you can have as many as you want you only have to put down 25% for the first 4000
dont worry about that
i have been racking my brains for the best option on how to do things
the problem is its all ifs and buts
will it jump up enough to make a big difference ?
will it just hold steady
or will it drop
but having just thought about it i am now sure H&L did say you got to wait for settlement date before transferring cash
its a nice headache to have at the end of the day lol
My post at 20.45 was sent before I had seen yours at 20.44.
couple of week ago when had problems topping up account with cash because i use google i was on hold waiting to speak to someone for about 45 mins
I have just realised that in order to buy Greatland into your 2020/21 ISA on Monday you need to have £20,000 in cash in the new ISA before you can do that. If it is possible for you to put £20,000 of other money into the ISA for Monday morning, and then repay yourself a few days later out of the cleared funds from the sale on Friday afternoon, then this would enable you to carry out the suggested transactions.
i do not want to be out of this at all but yes i may as well use the CGT allowance
i was not sure if H&L would let me do the cash transfer from fund account to stock & share isa untill settlement date
i know when you sell your shares in the stock share isa you can use money to buy straight away
but was not sure about if they would let you transfer money pending for that account to the other account
Maybe i can
if i could then next year stock isa will be full again so then anymore GGP shares i buy i have to keep in fund account again but at least i have that allowance i can use again for time being if needed
appreciate your help
if they had not suspended the Bed & Isa i would of been happy just doing that
Yes, if you haven't already exhausted your CGT exemption limit for 2019/20 then you should certainly sell enough, if not all, of your Greatland shares this week in order to use it up. If you are using HL for both the sale and the repurchase I would have expected them to allow you to sell at 4.29pm on Friday and to buy back into your 2020/21 ISA at 8.01 on Monday without the funds from the sale having been cleared. By doing this you are eliminating the risk of the share price rising between Thursday and the close of business on Friday (but obviously you cannot avoid the risk of an increase in the share price as a result of something happening over the weekend). I suggest that you discuss with HL tomorrow the feasibility of this course of action.
yes Schlemiel i know that
MY stock and share isa with H&L is full this year of GGP
MY fund account if over 20k worth of GGP
H&L have suspended Bed & isa at moment and no idea when it be back
they have said if you want to put shares from your fund account into stock and share isa only way to do it is to sell wait for settlement date then put cash in isa and re buy ( they make more money by double transaction )
so if got to do that anyway i may as well do it this tax year
Stocks and shares isa is tax free on gains. Not like a funds and shares account
If NCM buy GGP's 30% of havieron and GGP pay a special dividend then that's treated as income and subject to income tax at rates specific to your personal rating
If NCM buy GGP the equity listing then that will trigger a CGT liability
of course if your shares are in an ISA then there's no tax implications whatsoever nor any need to declare your ISA or its holdings on your tax return
i do have a stock and share isa thats the isa i am going on about
sorry i did not make that clear by just saying isa
Open a stocks and shares ISA
What it is my isa for this year is full
so all the GGP share =s been buying this year are in my H&L fund account which is near my CGT for this year
H&L have suspended Bed and Isa so you got to sell and then wait for the money to clear then transfer in to isa account then re buy
since you got to do that i may as well use my CGT allowance this year so then next year when my isa is full again which it will be next week the i be having to keep GGP shares in my fund account
If these do soar in the next year then i will be stuffed with possible CGT if we get bought out etc
its all ifs and buts but i am just trying to think ahead of what could happen to avoid a massive CGT bill
if that makes sense
In your post at 19.27 you use the words "to re buy Monday". Are you talking about selling Greatland on Thursday in order to have the funds in place to be able to buy Greatland in a 2020/21 ISA on Monday? If so, unless it is important for you to create a capital gain or capital loss in the 2019/20 tax year you could "bed and ISA" the shares (up to £20,000 worth) through your broker on Monday. This would avoid the risk that you would otherwise be taking by selling on Thursday and hoping that the share price will not have risen by Monday.
that is what i thought but i just needed it confirming so thanks for you help applegarth
It's the day you sell. What if the settlement
was delayed by a day or two. The advantage is with the taxman. Goods and stock in shops are vatable by what is in your inventory not because you haven't sold it yet.
I just need it confirming as i have to sell some of these on Thursday so get funds to re buy Monday
Its tax reasons got to get rid of some to help with CGT this year and next year so that gives me room as next year Isa will be already taken up with these shares
If you capitalise a gain or a loss you capitalise that gain-loss on the date you press ye old buy or sell button..the settlement date is of no relevance
that'd be my understanding as well - the date the sell is contracted for rather than the actual date the proceeds are received
It's the sell date not settlement date
Can anyone on help me with this Question
reasons got to sell some shares as ISA if up to limit this year
IF i sell shares say on Thursday/ Friday and settlement date is on Monday / Tuesday
Which tax year would it be classed
the tax year i sold the shares ie this tax year
or the new tax year when the settlement date is
if anyone could confirm for me it would be a big help