ISA - Sale & Repurchase form

Give your instruction to sell some of your holdings and transfer directly into your Stocks & Shares ISA, otherwise known as Bed & ISA.

What is a sale & repurchase?

Only shares that have been transferred from an HMRC approved scheme can be directly transferred into an ISA. For other shares, you can do a sale and repurchase (bed and ISA) to move investments to your ISA (subject to the investments being ISA eligible)

We will sell your shares, move the cash into an ISA and buy the shares back at a reduced spread costThe spread is the difference between the buy and the sell price on a stock  in one online instruction. The amount of cash moved will count as a subscription to your ISA and the sale may be subject to Capital Gains Tax.

What is the process?

  1. Complete the form at the bottom of this page.
  2. We will sell your selected shares and then immediately buy them back in your ISA.
  3. All instructions will be completed in fair and due turn as soon as practically possible (usually within 3 working days).
  4. You will receive a trade confirmation email once the trades have been placed.

Please complete a separate form for each stock you want to sell and repurchase.

What are the costs & charges?

  • You will pay our usual £11 online commission for the sale and we waive commission on the repurchase (£8 for frequent traders)
  • The maximum spread cost is £50. The spread cost is the difference in the value of the shares you sell and the cost to buy them back in the ISA. We sell the shares and buy them back at the same time which allows us to reduce the spread cost.
  • You will also pay any applicable Stamp Duty, PTM levy or other transaction taxes on the repurchase.

Important Information

  • Selling shares as part of a sale and repurchase may trigger Capital Gains Tax (‘CGT’). Once your investment is within the ISA wrapper it will be sheltered from future UK income and CGT.
  • If the asset you are trading is an Investment Trust or Exchange Traded Fund, these products require a Key Investor Document prior to trading. Please only place your order if you have previously read the most recent document and are comfortable with the content.
  • These trades fall outside of our standard order handling policy - in order to reduce the market spread we might execute both trades with a single Market Maker.

Other considerations

  • This process is only available for investments that trade on a UK stock exchange. It is not possible to complete a sale and repurchase for funds or international stocks.
  • We can only sell shares from a share dealing account and buy them back in the ISA if the share dealing account and ISA are registered under the same account code.
  • In the majority of cases the number of shares we buy back will be lower than the amount sold. This is due to the costs of the transaction such as stamp duty or PTM levy (if applicable) and the difference between the buying and selling price (the spread).
  • Once you have submitted your instruction you will not have the option to cancel this instruction online. If your order has not gone through, please contact us by telephone, ensuring you have your security information to hand. In most cases we will be unable to cancel the order; any attempts will be by best endeavours.

Please make sure

  • The details on the form are accurate
  • There is sufficient stock in your Share Dealing Account
  • You have completed your ISA declaration for this tax year
  • The stock is ISA eligible
  • You have sufficient ISA allowance available for this tax year (the current ISA allowance is £20,000)

 

It is your responsibility to ensure that all conditions are met otherwise we may not be able to process your instruction.

Frequently Asked Questions

Sale and Repurchase Form | Investing | Lloyds Bank

I declare that:

  • All subscriptions made, and to be made, belong to me.
  • I am 18 years of age or over.
  • I have not subscribed, and will not subscribe, more than the overall subscription limit in total to any combination of permitted ISAs in the same tax year.
  • I have not subscribed, and will not subscribe, to another stocks & shares ISA in the same tax year that I subscribe to this stocks & shares ISA.
  • I am a resident in the United Kingdom for tax purposes or, if not a resident, either perform duties which, by virtue of Section 28 of the Income Tax (Earnings and pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the United Kingdom, or I'm married to, or in a civil partnership, with a person who performs such duties. I will inform Halifax Share Dealing Limited if i cease to be so resident, or to perform such duties or to be married to, or in a civil partnership with, a person who performs such duties.

I authorise Lloyds Bank Direct Investments :

  • To hold my cash subscription, ISA investments, interest, dividends and any other rights or proceeds in respect of those investments and any other cash; and
  • To make on my behalf any claims to relief from tax in respect of ISA investments.
  • I agree to the Lloyds Bank Direct Investments Terms and Conditions. I confirm that the information provided on this form is true and correct. I agree to be an execution only client and will not seek investment advice from Halifax Share Dealing Limited. I understand that I will be categorised as a retail client.

 

Please remember that the value of investments and the income from them can fall as well as rise, and you may get back less than you invest. If you’re not sure about investing, seek financial advice. There will normally be a charge for that advice. Tax Treatment depends on personal circumstances and may be subject to change.
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You can find this on your statement, or at the top of most of our Share Dealing online pages. It's 9 characters long and starts with the letter L.
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