How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Sam Your Own Question
Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13980
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
16196420
Type Your Tax Question Here...
Sam is online now

I am going to transfer some shares I hold into an ISA. The

Resolved Question:

I am going to transfer some shares I hold into an ISA. The current price of these shares is well above the cost price.
Question:
By transferring do I trigger a CGT liability?
Peter Howell.
Submitted: 1 month ago.
Category: Tax
Expert:  Sam replied 1 month ago.

Hi, Sam here , one of the UK tax Experts here on Just Answer, thank you for your question and I shall reply shortly

Expert:  Sam replied 1 month ago.

HI

I assume these shares are outside of the ISA - which means you cannot transfer them in - you can only buy and sell those specifically bought shares within the ISA wrapper so this means you will have to in effect sell the shares to the ISA - thereby yes triggering a exponential capital gain if the profits are more than this years capital gains exemption allowance of £11,300

Let me know if I can assist further

Thanks

Sam

Sam and other Tax Specialists are ready to help you