How quickly can I sell shares after purchase?

[mattross]

I'm in the UK and would like to know what the rules are concerning how quickly a share can be sold after purchase, and if there are tax issues relating to it? I have Idealing ISA and standard accounts.

I presume selling on the same day is out of the question but in my foggy memory I think I recall there are limits to how quickly I can sell the shares.

Thanks.

 

[minime69]

i would ask who ever you used to but them.

 

[raysor]

I'm in the UK and would like to know what the rules are concerning how quickly a share can be sold after purchase, and if there are tax issues relating to it? I have Idealing ISA and standard accounts.

I presume selling on the same day is out of the question but in my foggy memory I think I recall there are limits to how quickly I can sell the shares.

Thanks.

As quick as this: Pick up your 'phone ring broker. Wait 'til he picks up phone. Give your order. He repeats it and puts phone down. He picks up STX and phones MM or presses button on SETS machine or RSP. All being well the trade will be done at this point.
How long is that?
Of course remember to deal with the same settlement date. i.e . Buy T+3 sell T+3 on same day, then T+2 then T+1. After that T+1 if in nomineess or T+10 certificated. (If you start buy buying T+10 then sell T+10 the same day, T+9 the following day etc.)
There are some small problems in small illiquid stocks trying to close off buys and sells. All this means is you might not get stock settlement for the buy in order to deliver against your sale asnd get the cash settlement. (so you may be out of the money)
Tax is exactly the same in the UK for however long you have held the shares. Don't forget if you sell shares and then buy back within 30 days you ignore the new price level for tax purposes (i.e. there is no bed & breakfasting)

 

[raysor]

i would ask who ever you used to but them.

I don't think I would but them. Otherwise very good answer!!