I have IE00B4L5Y983 in Euros lying around on a German account. Is it theoretically possible to transfer them into an Invest account and convert them into the GBX equivalent? I’d like to avoid selling, transferring the money and rebuying if at all possible, unless someone knows when the next leg down comes so I could recoup costs…
I just talked to my German bank and they said such a transfer is possible from their side (although only full shares would be transferred, fractional shares would be sold), I’d have to talk to my target bank/broker and tell them to initiate the process. Fingers crossed T212 offers this!
Although, if I could transfer the shares, I’d sell a bit over half of them immediately to put them into my ISA (rebuy same ISIN) and leave the others sit in the Invest account. I wonder how the tax office would treat this? Ugh, what a headache…
When moving an investment into an ISA you are required to sell, pay any capital gains tax, and then rebuy in the ISA. There is no possibility to make an in-specie transfer-in to an ISA.
Presently, T212 do not accept in-specie transfer-in, so unfortunately you need to sell up and then move the cash.
Hi and thanks for your answer – I am specifically looking to transfer the shares into the Invest account, not the ISA.
(Edit: or do you mean that such a transfer isn’t possible at all currently?)
I will sell part of the shares once they are there and transfer the money into the ISA to rebuy the same ETF, but that’s a secondary concern (do I calculate the CTG based on the prices I paid in Germany converted to GBP on the buy date or use something else?).
Yes, you will have to go into cash to transfer-in to Trading 212.
If you are a UK taxpayer then the cost basis for your ETF shares to be used in calculating capital gains will be the cost in GBP using the exchange rate on the day of purchase.
T212 have said that in-specie transfer-in is on their radar as a future offering.
Thanks for the clarification.
Searching “in-specie” netted me this search result: Investing - Share ownership. So… I will continue to ponder what to do. If only I had known how many headaches are attached to making free money on stock exchanges…