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'Bed and breakfasting' is the term for selling and rebuying investments to crystallise a gain to use your CGT allowance (could also be done to create a loss to offset other gains). In order to avoid CGT you need to wait 30 days before you rebuy, buy a different share, or rebuy the same share but inside your ISA. If it doesn't go into your ISA then the value they rebuy at is then used as the tax cost for the purposes of next years calc (repeat next year assuming you've made gains/can stay under the CGT threshold).
If you haven't used your ISA allowance then it makes sense to get them into your ISA. If you have already used your allowance then it could be worth doing before the Labour budget, but I'm not certain it will be helpful - it depends if they decide to amend the current year tax rules (including the portion of the tax year thats already happened) or whether it would only impact future tax years.
EDIT - missed the subsequent posts, late to the game, soz
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jamesl
I think people are doing it even with ISAs filled for this year. This is my understanding of people's logic
Person A has £100 outside an ISA, £40 of which is gain. If they sell and rebuy that £100 now instantaneously, they are paying less tax that way when they eventually close out the position (Say at £150 in a further 5 years time).
From Sept** will be paying higher CGT. Definitely on the £150-50, possibly at your marginal tax rate, but you've realised £100-60 of gain at 10% or 20%.
If you did nothing in this tax year, you'd be into higher tax on the whole gain £150-60 at the end
** edit, likely, and will be from April 25