Change the M&G product in which you have investedIt is very straightforward to sell your existing M&G OEIC (Open Ended Investment Company) or M&G Unit Trust and reinvest the proceeds into an M&G ISA. Please always remember to read and retain the key features before you switch.
As an M&G customer, you are already making the most of the advantages of investing in the stockmarket. However, if your current fund(s) make you money, it is likely that you have to give the taxman a cut. But there is a way to help avoid paying a penny in personal income tax or Capital Gains Tax on any capital growth you make in your M&G investment. It’s called an Individual Savings Account (ISA).
To change your investment from an existing M&G OEIC or M&G Unit Trust into an M&G ISA is simple.
To switch, you will need your:
You must be registered for ‘My Account’ to switch between products online and we recommend you confirm any charges applicable to your switch by calling our Website helpline on 0800 316 6570* or by reading the key features before making your transaction.
Providing instructions are received before 12 noon (the M&G valuation point) on a business day, you will receive that day’s price. Instructions received after 12 noon will receive the next business day’s price.
Simply download the Form of Renunciation and the M&G ISA Application Form from our online literature library, complete and sign both forms and return them to us at the freepost address provided.
By moving your investments from an M&G OEIC/Unit Trust to an M&G ISA you will be selling your shares/units in your M&G OEIC/Unit Trust and reinvesting them back into an ISA with M&G. We therefore require you to complete a Form of Renunciation to authorise us to sell your investment and an Application Form to reinvest the proceeds from the sale into an M&G ISA. You can do this either online or by downloading the forms from our online literature library and returning them to us at the freepost address provided.
Under HM Revenue & Customs regulations, we cannot transfer your existing investment straight into The M&G ISA. Instead, we need to sell your shares/units and reinvest the sale proceeds into your choice of ISA fund(s). You should note that your investment will be out of the market between the sale of your existing fund(s) and the purchase of your new fund(s) on the following business day.
HM Revenue & Customs will treat this as a new ISA investment and, as such, it will be counted as part of your ISA allowance for the relevant tax year.
Please note that the sale of your existing investment will count as a disposal for capital gains tax (CGT) purposes. When the sale proceeds are reinvested in full, any CGT liability will have to be met from other resources.
*All calls are free within the UK. For security purposes and to improve the quality of our service, we may record and randomly monitor telephone calls.
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