Can I move my investments from my GIA to my ISA?
HMRC doesn't allow the direct transfer of investments from a non-ISA account to an ISA. Investments must be sold first, and the cash transferred to the ISA, after which it can be used to repurchase the same investments. This process takes 2-3 working days, during which share prices may fluctuate, potentially resulting in a higher repurchase price.
To avoid this risk, we offer a 'Bed and ISA' service, enabling the immediate repurchase of investments within the ISA. Any future gains are then protected from Capital Gains Tax within the ISA.
Note: the 'Bed and ISA' service is only available for UK stocks, and any profits from the sale within the GIA are subject to Capital Gains Tax*. The amount of cash transferred from your GIA will count towards your annual ISA allowance.
* Tax laws are subject to change and depend on individual circumstances. Tax law may differ in a jurisdiction other than the UK.
Costs of a ‘Bed and ISA’
We charge £40 per stock line on the sale, with no repurchase fee. A £1 PTM levy may apply on both orders, and 0.5% stamp duty may be due on repurchase.
There is a risk of price movement while out of the market, possibly leading to fewer shares being repurchased. However, this risk is capped at £30 – £50 per stock line using this service.
You can cover the costs of the ‘Bed and ISA’ service either by adding money to your account or by using the proceeds from the sale of investments.
Next steps
To arrange a 'Bed and ISA' between your IG Invest GIA & ISA, please drop us an in-app, webchat or WhatsApp message with the following details:
• Account number(s):
• Share name(s)
• Number of shares/value(s):
• How you plan to cover the cost
