CAN I TRANSFER MY ROYAL MAIL EMPLOYEE PIORTY SHARES, HELD IN A SHARES INCENTIVE PLAN INTO MY ALREADY OPEN SHARES ICA.
HOW LONG WILL IT TAKE TO GET AN ANSWER?
Any one can answer yes or no to the question, to satisfy me at least give an indication of how this may be achieved, please.
I feel you did not answer my follow up question, in which you said that I could transfer my shares from a SIP to Shares ICA, please give me an indication of how this would be possible
You first need to check with the Share Incentive Plan (SIP) Trustee as I recall that the shares needed to be held in the SIP for at least 3 yearsbefore you could take them out to qualify for the free offer.
If they confirm that you may take them out, you should then send a letter to your broker of your intention to transfer your shares from the SIP to your ISA, this transfer must be done within 90 days of taking them out of the SIP. The transfer is free of capital gains tax.
The market value of the shares at the date of the transfer counts as a subscription to your ISA. This means that this market value, together with any cash subscription you make during the same tax year, cannot exceed the ISA subscription limit.
Hope this helps
This is where the confusion lie,s! The shares were part of an outright purchase then placed in a SIP
YOU MEAN THAT IN THAT CASE IT IS POSSIBLE TO TRANSFER MY SHARES IN MY SIP INTO MY SHARES ICA, DIRECTLY, WITHOUT THE NEED TO CASH THEM FIRST