If you have any questions about investing in an ISA, we can help.
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.
Back to topMoving 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).
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.
Back to topIf 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.
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.
Back to topIf 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.
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.
Back to topYou 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.
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.
Back to topBank of Scotland Share Dealing Service is operated by Halifax Share Dealing Limited. Registered in England and Wales No. 3195646. Registered Office: Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority under registration number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.