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Hi Archways - I spoke to IWeb, they won't do it. Cash must come out of my ISA and into my bank account. That takes two working days. Leave this matter now thanks.
Hi MrEMC2 - I question the delay of 2 days in transferring funds to the family member's Bank account.
I envisage the following:-
On day 1 you instruct IWeb to sell the appropriate number of GGP shares from your ISA on a T+3 basis.
On day 4 IWeb receive the proceeds from the market. These are cleared funds which are immediately available for reinvestment.
Before starting this process you have instructed IWeb in writing that you are gifting the net proceeds to a family member, and you authorise IWeb to credit the proceeds to your family member's ISA on day 4.
Still on day 4 IWeb credit your family member's ISA with the cleared funds, thereby giving your family member the opportunity to buy GGP shares on that day.
I see no reason why the proceeds need to be credited to your ISA and then transferred to your non-ISA account, then transferred to your family member's non-ISA account and then to your family member's ISA account. Your ISA will correctly show that your holding of GGP has been reduced - why does IWeb need to perform all of the transfers to show the flow of the funds from your account to your family member's account? It will have honoured your written instructions and retained them on their file.
Hi Archways - thanks for your message. Although I am dealing with modest sums of money they are very signifant for me and my family which is why I want to get it right.
When I had spare cash I was able to do the ‘gifting’ transactions with some control by first buying and then selling when content with the price eg bought on 17 March at 20.94p and sold from my ISA on 7 June at 21.225p . It took a long time to complete the transactions because the GGP share price was and still is moribund. It is easier to use that method with a rising share price although to be honest it never occurred to me to do it when the share price was rising from 20p to 37p. However, after the pull back I feel I should do more gifting before the PFS in September (in case the price rockets).
I am with IWeb and the help desk said I can do the transactions myself as ISAs are with the same manager (or they could do it on my behalf but the process would be the same). They said it would take 14 days - transfer shares from my ISA to my dealing account; gift shares to family member's dealing account; family member switches shares from dealing account to ISA. What I fear from that process is risks with the share price and spread leading to loss in value of gift (in the short term). An equally risky option is to sell and buy over 5 trading days (sell day 1, funds in trading account day 3, transfer funds to bank account takes 2 days , day 5 buy in family member ISA).
Gifting process is even more fraught for a family member who is no longer a UK resident (cannot have an ISA etc). I realise I am in an advantageous position to be able to gift shares in the first place but of course I want the gifts to be of maximum value. FOMO after the huge loss of capital value is holding me back particularly whilst we are at around 20p. I think I will ponder on the matter a while longer before deciding what gifting route to take. ATB MrEMC2
MrEMC2 - provided that the other family member's ISA is with the same manager as yours, and is already open (if not, then open it before you start this process), and provided that your ISA manager has a stockbroking arm, I would have thought that you ought to be able to sell your shares on a T+3 basis, at the same time giving written instructions to your ISA manager that the proceeds are being gifted to your relative and must be credited to your relative's ISA on the day that they are received from the market. On the third working day after your sale your relative ought then to be able to use the proceeds to buy the shares into his/her ISA.
You would be at risk of the share price moving during only 3 working days, and it would cost commission on the sale and purchase and the spread between the buying and selling prices. Off the top of my head I cannot remember the value on which the PTM levy is charged, but even if it is levied on the two deals it is only £1 per transaction.
If your broker has told you that it will take a minimum of 14 days to carry out these transactions I suggest that you tell him that you wish to proceed as above and that you cannot see any reason why the two transactions cannot be completed within 3 working days. Please let me know how you get on.
Hi guys I know people say get proper financial advice but it is very likely that others have been through my issue and may have the answer.
I want to move shares from my ISA into another family member's ISA with least possible loss. If I sell and buy back it takes a minimium of 5 working days and the share price may move against me between sell and buy. It takes a minimum of 14 days to do a transfer via broker (transfer ISA to trading account; transfer between trading accounts ie gifting, then transfer into ISA) but how many shares/ or value would I lose at each transfer point? Also because of the £20k ISA limit I don't want to sell too many shares from modest number of shares in my ISA.
If I had cash I could first buy in the family ISA then sell in my ISA and would be able to quantify the difference. That is not an option because all my spare cash is committed.
Is there another option to get around this problem? Any suggestions?
JerseyCrew, come to my senses, can't be bothered to move as, like you, no intention of selling. However under pressure from wagging finger and daughter, because I didn't sell some in the 30ps.
No problem selling upto 1.9 million on ii
No problem getting a quote from HL here; 20.85 for 300k, instantly.
mine was halifax, not that im selling tho
I should have added - zero chance of them getting them off me though!
Enjoy the sunshine if you can.
ATB
3rd time ' lucky' if I wished to sell; 20.55. Any recommends for a Broker?
HL are not the world's greatest for executing orders and love any excuse for delaying transactions...illiquidity a fave
Apologies - typo - 20.85!!
Wasred - maybe your broker? Mine just offered 21.85 for 300K
Doggy, after your post, tried again; again' no go.. We are with HL, and I've had it before.
i just tried 400k no buyers
I just tried 700k shares and got offered 20.94
Just tried a 300k sale. No takers!!!!!!!! Strange, I thought they would hand biting. Stay Safe.