AJ Bell Investcentre has streamlined its Bed and ISA process, amid growing client demand for more tax efficient investment solutions.
The updated process will now involve just one online instruction from advisers by selling assets from clients’ taxable general investment account and repurchasing them in an ISA or Lifetime ISA tax wrapper, while remaining invested in the market.
There will also no longer be any dealing charge for Bed and ISA transactions instructed online.
AJ Bell said as part of this new process, there will be a multi-pot functionality that allows advisers to handle movements between different ISAs and GIA investment pots in one simple journey. Additionally, advisers will have the option to oversell investments to ensure enough cash is raised to fully utilise their client’s ISA allowance.
The investment platform said it will continue to develop enhancements to the Bed and ISA process, with additional new features expected throughout the year.
Mark Rendle, advised product director at AJ Bell, said: “With the last Budget unveiling increases to the rate of dividend tax to add to 2024’s hike to capital gains tax rates, not to mention the gradual depletion of tax-free allowances in the last few years, advisers will be seeing increased client demand for more tax efficient solutions to manage growing tax bills.
“One of the many ways advisers can do this is by carrying out a Bed and ISA transaction, which is why we’ve streamlined our Bed and ISA process to become one single online journey for advisers.
“Not only will this mean advisers can protect client wealth quickly and efficiently at the touch of a button but, crucially, there will also be no dealing charge applied for online Bed and ISA transactions. The result of this is a low-cost investment solution that makes the most of the ISA tax wrapper and helps to shield client money from an increasingly labyrinthine tax environment.”
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