Share Exchange (Bed & ISA | Bed & SIPP)
Move shares from a Fund and Share Account to an HL Stocks and Shares ISA or Self-Invested Personal Pension (SIPP)
Important information - Investments can go down as well as up in value, so you could get back less than you put in. The information on this page isn't personal advice - please ask us for advice if you’re not sure if a course of action or investments are right for you. ISA, pension and tax rules can change and their benefits depend on your circumstances. Once held in a pension your money isn’t usually accessible until age 55 (57 from 2028).
What is the Share Exchange service?
Usually, you’re not able to move shares directly into a pension or an ISA due to HMRC rules. But with the Share Exchange service, we can sell your shares, move them to an HL SIPP or Stocks and Shares ISA and buy the same shares back again, all with one online instruction.
This process is sometimes called a Bed and ISA or a Bed and SIPP.
Why use the Share Exchange?
Tax-free investing
Any investments held in the HL Self-Invested Personal Pension (SIPP) or HL Stocks and Shares ISA are free from UK income and capital gains tax. Moving your investments into a tax-efficient account means you can build your wealth tax-free.
Secure your allowances with existing investments
Make the most of your ISA and pension allowances by moving your current share holdings. No new deposits required.
Smooth and efficient
Login to submit your instruction online and we'll handle the rest. Once sold, your shares are repurchased almost immediately.
There are further tax benefits to take advantage of when you move shares to the HL SIPP.
ISA, pension and tax rules can change and their benefits depend on your circumstances. Once held in a pension your money isn’t usually accessible until age 55 (57 from 2028).
Submission deadline for tax year 2025/2026
| Type of order | Submission deadline |
|---|---|
| Share Exchange to SIPP | 2pm on 31 March 2026 |
| Share Exchange to ISA | 2pm on 2 April 2026 |
What are the costs?
No charge for selling the shares in your Fund and Share Account
No charge for foreign exchange transactions for overseas shares
A dealing charge of £6.95 (or less for frequent traders) to buy shares back in the ISA or SIPP
We buy back the shares almost immediately, so any price difference is usually small. We’ll also aim to place the trade at the mid-point between the price to sell and repurchase shares. This should limit the impact on the value of your holding.
You will pay stamp duty on the repurchase of UK shares – 0.5%. For trades over £10,000, you’ll also pay the standard £1.50 Takeover Panel (PTM) levy.
Other taxes may apply for overseas shares depending on the country and share.
The annual charge for holding shares in the HL Stocks and Shares ISA or SIPP is the same as in the Fund and Share Account (0.35% per year capped at £12.50 per month for each account).
Things to be aware of
As part of the Share Exchange service, we will sell and buy back the same stock almost immediately. But you may end up with a lower number of shares than you started with. This is because of a combination of the dealing charge, plus any other costs associated with buying that share.
Once we receive your instruction we'll aim to execute it as soon as possible, but it can take up to four working days. Once the deals have taken place, you’ll see the shares in your SIPP or ISA straight away. It may then take up to two working days for the cash to be shown normally in your Fund and Share Account.
While the ISA and SIPP offer protection from capital gains tax, selling the shares to move them into one could result in a capital gain or loss. If your gains are more than the capital gains tax allowance (£3,000 in the 2025/26 tax year) you may need to pay tax on those gains.
The money added to an ISA or SIPP will count towards allowances for that tax year. Make sure you’ve checked your ISA and pension contribution allowances before considering paying in.
To place an instruction, you'll need to have an open HL Stocks and Shares ISA or Self-Invested Personal Pension (SIPP). If you don't have one already, you can open one online with no need to fund upfront. If you require further help, please contact us.
Move shares from a Fund and Share Account to an ISA or SIPP in 3 steps
1. Log in to your HL account.
Select your Fund and Share Account, then the ‘Stocks’ tab.
Under ‘Actions’, choose ‘Share Exchange’ (the third button from the left) and select your chosen account. For example, your HL Stocks and Shares ISA.
2. Choose your investments.
Tell us which investments you want to sell and buy back in your ISA or SIPP. You can sell all of your shares or specify a value.
Frequently Asked Questions
You can cancel an instruction up until we process it on the ‘Pending orders’ tab of your Fund and Share Account.
This service is only available for shares and other investments, like ETFs and investment trusts, which are traded on a stock exchange. It is only possible to repurchase the same shares as those you’re selling using the share exchange service.
If you’re looking to sell funds and buy them back in a Stocks and Shares ISA or SIPP, you can do this online. There are three steps to this process.
Step 1 - Log in and sell the funds in your Fund and Share Account.
The online dealing charge for funds is £1.95 per deal, and fund trades typically take four working days to settle. You can find the settlement date on your contract note.
Step 2 - Move the money to your ISA or SIPP.
Once the cash has settled you can move it to your ISA or SIPP. On our website select the Fund and Share Account then the ‘Cash’ tab. From here choose ‘Transfer money’. You can then choose where to move the cash.
Step 3 - Buy back the same fund or a different investment within the ISA or SIPP.
Place an instruction using the cash in your ISA or SIPP. Standard dealing charges will apply.
If you have share certificates you will need to lodge them within a Fund and Share Account before you can use the Share Exchange service.
Find out more about transferring certificates.
You should check how much of your ISA or pension contribution allowance is unused before going ahead. If your share sale is more than the value of your remaining ISA or pension allowance, you may receive a tax charge from HMRC.
We’ll hold any extra cash in your Fund and Share Account if the value is greater than your remaining HL ISA allowance. But if you have ISAs or pensions with other providers, you need to check your allowances and take this into account when making an instruction.