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Where to hold shares?


Popuplights
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Popuplights

When I get made redundant, my company share save scheme will be wound up. The good news is that I get all the shares out of it tax free. But I need to hold them somewhere. I have no other shares outside of an ISA wrapper. 

Suggestions please. 

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Democorruptcy
1 hour ago, Popuplights said:

When I get made redundant, my company share save scheme will be wound up. The good news is that I get all the shares out of it tax free. But I need to hold them somewhere. I have no other shares outside of an ISA wrapper. 

Suggestions please. 

If... they really are tax free, what about future CGT on them if they were in a non tax wrapped account? Do you set an average price at transfer and it's calculated from that, not the price they were originally bought at?

You could put £20k worth into your ISA but it counts towards your annual limit.

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Popuplights
4 hours ago, Democorruptcy said:

what about future CGT on them if they were in a non tax wrapped account? Do you set an average price at transfer and it's calculated from that, not the price they were originally bought at?

Yes, CGT will begin to apply, I believe at the transfer price.

Cheers for the tip on transferring to my ISA. That looks like a good option.

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Democorruptcy
3 minutes ago, Popuplights said:

Yes, CGT will begin to apply, I believe at the transfer price.

Cheers for the tip on transferring to my ISA. That looks like a good option.

It's a pity it counts towards your annual allowance, so limits you putting more money in for investing in other things as well.

Is your company pension going to be deferred or are you taking it early? Have you officially left yet?

 

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Kurt Barlow
On 27/01/2021 at 11:03, Popuplights said:

When I get made redundant, my company share save scheme will be wound up. The good news is that I get all the shares out of it tax free. But I need to hold them somewhere. I have no other shares outside of an ISA wrapper. 

Suggestions please. 

With transfers as far as I am aware the shares still need to be sold and rebought so you will take a hit in terms of sale / purchase spreads and stamp duty. 

I assume they are big Oil Co? Are the shares traded on the UK stock exchange. If not that may introduce more issues. 

Maybe better to just take the cash and reinvest in your ISA generally this year and next. If you want to hold oilies Investment trusts can offer a good spread  and facilitate investment in foreign firms without the aggro of direct ownership of foreign shares. 

Whens payday? Early march is ideal. 

Premium bonds are a good place to dump cash for the short term. The return is about 1% however you could win a biggy. 

SIPPS for the long term. 

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Kurt Barlow

Do you own your own house / plan to stay in O&G?

After being made redundant by the O&G industry I always think its fitting to invest some of the  redundancy in home energy efficiency / renewables as a small personal way of sticking one up the industries bum. 

DIY the return is good, tax free and guaranteed. 

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