I have been told that I can give shares directly from my stocks & shares ISA to my son (saves substantial brokerage costs). HMRC guidance at para10.19 in this document: https://www.gov.uk/government/uploads/system/uploads/attachment_data/fil... confirms that the transfer of an investment to the ISA investor is possible and that the broker has to provide market values for the shares to the investor. By implication the gain while the shares were held in ISA is tax free and (should a direct gift from ISA to my son not be possible, provided I give the shares to my son on the same day they come out of the ISA) my son's base cost is the value on the day of exit from the ISA.
I don't like relying on 'By implication'. Can anyone point me in the direction of legislation or other guidance from HMRC that confirms the above. I have tried searching without success.