Managing your ISA

ISA limits and tax years

Each year the Government allows you to invest in a tax-efficient product called an ISA (an Individual Savings Account). The tax year runs from 6th April to 5th April each year - on 6th April you will be allocated the new tax year's ISA allowance.

The ISA limit for the current tax year is £20,000.

Splitting your ISA allowance

You can choose to invest your full allowance into a Stocks and Shares ISA (which includes the Investment ISA), a Cash ISA, or an Innovative Finance ISA, or any combination of the three.

Alternatively you can invest up to £4,000 in a Lifetime ISA and the remaining allowance between any combination of the other three types of ISA, as long as you don’t exceed £20,000 in total across your ISAs.

For example, if you invest £10,000 into your Stocks and Shares ISA (or Investment ISA for ready-made investments), you must save no more than £4,000 in your Lifetime ISA and £6,000 within a Cash ISA and/or an Innovative Finance ISA.

ISA declarations

A declaration is required by HMRC to make sure that when you apply for an ISA you understand the ISA rules. This is also required if you haven’t paid any money into your ISA in the previous tax year.

Do I need to open an ISA every year?

If you already have an ISA, you do not need to open a new account. To use your ISA in the new tax year, you can simply add money to your existing account. You can only subscribe into one Stocks and Shares ISA or Investment ISA for the tax year.

Moving money or stock between your accounts

Moving stock from your Bank of Scotland Share Dealing Account into a Bank of Scotland Stocks and Shares ISA

HMRC does not allow direct transfers from a Share Dealing Account into a Stocks and Shares ISA.

If you do want to move an investment then you will need to sell your stock first and then re-purchase it within the ISA. This is also known as a Bed and ISA.

To complete a sale and re-purchase please call us on 0345 606 11 88 (calls will be monitored and recorded, and call costs may vary depending on your service provider).

• Step 1 – Firstly, the shares will be sold.
• Step 2 – We will automatically transfer the money into your Bank of Scotland Stocks and Shares ISA.
• Step 3 – You can then invest the money into any ISA eligible stock.

As telephone dealing commission charges are £25 per trade, we don’t charge commission for your re-purchase. Please note that any sale could trigger an event for Capital Gains Tax purposes.

Moving cash from your Bank of Scotland Share Dealing Account into a Bank of Scotland Stocks and Shares ISA

If you want to transfer your cash balance into your Stocks and Shares ISA, you’ll need to speak to us by web chat or over the phone.

Money must be showing in your ‘Available to withdraw’ balance before it can be transferred to your ISA.

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Adding an ISA to your existing account

If you have a Share Dealing Account

You can add an ISA by logging in and clicking on ‘Open a new account’ in the right-hand navigation menu.

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If you have a Ready-Made Investment

You can hold both an Investment Account and Investment ISA at the same time. Read more about our Investment ISA.

Transferring money or stock from another ISA

If you have a Stocks and Shares ISA

To start a transfer, simply log in and click on ‘Transfers’ in the right-hand navigation menu. When you have filled in the transfer form, print and sign it, and then post it to the address provided.

We don’t charge transfer fees however your current broker may charge you to transfer out.

If you don’t have a printer then you can select an option for us to post the completed form to you so that you can sign and return it.

Transfers will take 2 to 3 weeks to transfer cash or UK shares, and 6 to 8 weeks for funds or international stocks. Transfers from a Lifetime ISA or Innovative Finance ISA usually take 30 calendar days.

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If you have a Ready-Made Investment

To start a transfer, access your account through the tile on Internet Banking and select ‘Transfers’ from the right-hand navigation menu. Our Ready-Made Investment accounts can only accept cash transfers so any stock will need to be sold before you can transfer to us.

Transfers will take 2 to 3 weeks to transfer cash and transfers from a Lifetime ISA or Innovative Finance ISA usually take 30 calendar days.

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ISAs and share certificates

You can’t directly transfer a share certificate into your ISA unless it has come from an approved HMRC share scheme. Complete a transfer form (PDF, 38KB).

If the share certificate has not come from an approved share scheme, you could deposit the share certificate into a Bank of Scotland Share Dealing Account and then complete a sale and re-purchase.

If your shares have matured from an approved plan, you’ll need to send us a written request to directly transfer your shares into your Share Dealing ISA, along with proof that the shares have been exercised (or withdrawn from a SIP) in the last 90 days. This is known as a Letter of Appropriation and can be obtained from your share scheme administrator.

• Step 1 – If you want to deposit a share certificate then you need download and print a Transfer Form (PDF, 32KB) and a separate Crest Transfer Form (PDF, 136 KB) for each stock you're depositing.
• Step 2 – Once completed, attach the relevant share certificates and return to the address provided on the transfer forms. Your certificates will be deposited into your account in 5 working days.
• Step 3 – Complete a sale and re-purchase.

Please note that we are unable to accept Irish certificates. For further assistance, please contact the company registrar directly.

ISA transfers between individuals

Investments cannot be transferred between the ISAs of two different people. However, where an ISA holder died on, or after, 3rd December 2014, their surviving spouse or civil partner can inherit their ISA tax benefits. You can find more information in Bereavement support.