AJ Bell Investcentre, AJ Bell’s adviser arm, has streamlined its Bed and ISA process and has axed dealing charges for online transactions.
The move is part of AJ Bell’s wider efforts to make tax-efficient investing as 'seamless' as possible for clients and their advisers.
The new process involves one online instruction from advisers by selling assets from clients’ taxable General Investment Account (GIA) and repurchasing them in an ISA or Lifetime ISA tax wrapper, while remaining invested in the market.
A multi-pot functionality allows advisers to handle movements between different ISA and GIA investment pots in one journey.
Advisers will also have the option to oversell investments to ensure enough cash is raised to fully utilise their clients’ ISA allowances.
Mark Rendle, advised product director at AJ Bell, said that the streamlining of its Bed and ISA process, and removal of the dealing charges, make the most of the ISA tax wrapper and ‘shield client money from an increasingly labyrinthine tax environment’.
He 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.
AJ Bell Investcentre added that it plans to deliver more enhancements to its Bed and ISA process throughout this year.