CGT on 'delisted' shares in ISA
Posted: Mon Dec 31, 2018 11:02 am
I held shares in my ISA. Value [say] £4000.
The company decides to liquidate itself [its business purpose on longer valid] but it is not insolvent and says it will return the NAV to shareholders in cash. While doing this the company loses its listing on the LSE.
The stockbroker says I may not continue to hold an unlisted share in my ISA; so transfers the shares to my ordinary share trading account.
BUT [and here's the rub] they transfer the shares out of the ISA at NIL value; so I lose that value out of my ISA.
BUT [much worse] the stockbroker says that when the liquidation funds are received, they are liable for Capital gains Tax in my share trading account.
Logic says this cannot be right but I will appreciate any info I can give to my broker to correct this.
The company decides to liquidate itself [its business purpose on longer valid] but it is not insolvent and says it will return the NAV to shareholders in cash. While doing this the company loses its listing on the LSE.
The stockbroker says I may not continue to hold an unlisted share in my ISA; so transfers the shares to my ordinary share trading account.
BUT [and here's the rub] they transfer the shares out of the ISA at NIL value; so I lose that value out of my ISA.
BUT [much worse] the stockbroker says that when the liquidation funds are received, they are liable for Capital gains Tax in my share trading account.
Logic says this cannot be right but I will appreciate any info I can give to my broker to correct this.