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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
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Experience:  English solicitor with over 12 years experience
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CAN I TRANSFER MY ROYAL MAIL EMPLOYEE PIORTY SHARES, HELD IN

Resolved Question:

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?

Submitted: 2 years ago.
Category: Law
Expert:  Rakhi Vasavada replied 2 years ago.
Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

Yes, you can certainly do that. Your existing broker will help you do it. It should roughly take 10-15 working days to affect the transfer.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,

Customer: replied 2 years ago.

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.

Expert:  Rakhi Vasavada replied 2 years ago.
Dear Philip,

Hello and welcome. Thanks for your follow up reply. I did say "Yes" to your question. If this does not help, kindly let me know and I shall opt out of this and let other expert assist you with this question.

Warm Regards
Customer: replied 2 years ago.

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

Expert:  Rakhi Vasavada replied 2 years ago.
Dear Philip,

Hello and welcome again. I think I am not reaching the core of your question and I would not like to leave any room for not understanding your question correctly.

Let me opt out and see if other expert can assist you with this.

Wish you good luck and hope to assist you in future.

Warm Regards
Customer: replied 2 years ago.
Relist: Incomplete answer.
Rakhi Vasavada,answered the original question by saying ''yes' but when asked to give an indication, not a full breakdown of how this may be achieved was not forthcoming, therefore I believe my question remains unanswered
Expert:  UKSolicitorJA replied 2 years ago.
Hello,

With which broker is your stocks & shares ISA held?
Customer: replied 2 years ago.

TDirect

Expert:  UKSolicitorJA replied 2 years ago.

Thank you.

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

Customer: replied 2 years ago.

This is where the confusion lie,s! The shares were part of an outright purchase then placed in a SIP

Expert:  UKSolicitorJA replied 2 years ago.
In that case you should be able to take them out of the SIP and transfer them into your ISA.

All the best
Customer: replied 2 years ago.

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

Expert:  UKSolicitorJA replied 2 years ago.
Yes, correct. The transfer of the shares should be done within 90 days from SIP to ISA.

I trust this answers your queries.

All the best
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience: English solicitor with over 12 years experience
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