Can I transfer shares into my ISA?
HMRC does not permit shares to be transferred directly into an ISA unless you have received them as part of a Save As You Earn scheme or an Employee Share Investment Plan. For Save As You Earn shares, you need to be within the 90 days of the date you exercise your share options or, for Share Investment Plans, the date your shares cease to be subject to the plan. As long as your shares are UK-listed, we will not charge for any transfers in of these UK-listed shares.
Save As You Earn Shares:
To transfer in shares received under a Save As You Earn scheme, please send us the following:
- A cover letter stating that you wish to transfer your Save As You Earn shares into an ISA.
- A copy of the signed and dated Exercise of Option form (sometimes known as the Share Save Maturity Form).
- Your share certificate or, if the transfer to us of your shares are held electronically, please provide the name of the stock and the number of shares due to be transferred to us with the contact details of the transferring Investment Manager.
Share Investment Plan Shares:
- A cover letter stating that you wish to transfer your Share Investment Plan shares into an ISA.
- A copy of the signed and dated release form.
- Your share certificate or, if the transfer to us of your shares are held electronically, please provide the name of the stock and the number of shares due to be transferred to us with the contact details of the transferring broker.
How can I pay my ISA fee?
If you have sufficient cash in your ISA we will deduct our monthly fee from this balance. Should you wish to credit this amount of the fee back to your ISA, you have around a month following the deduction to do so.
If the ISA fee has created a cash deficit, you can return the entire fee to your ISA for around a month following deduction. Once a month has passed, you will only be able to pay the amount of the deficit.
To make the payment, under your “Dashboard” dropdown menu, please click on the “Pay Money In” link. There you will be given the choice to “Make a subscription payment” or “Pay account fees”. If the payment you wish to make is solely to cover the last fee, select “Pay account fees”.
It is not possible to pay in funds to cover future fees, without using part of your subscription.
If you would like the fees to be taken from an Investment account in your name, please send us an instruction by secure message.
How can I transfer my ISA from another provider to my CSD ISA?
You first need to open an ISA with us (see ‘How do I open an ISA’ ). You then need to complete and return an ISA transfer form. You can either contact the Helpdesk on 0131 550 1234 to request the form or, under your “Dashboard” dropdown menu, print one off by clicking on the “Transfer In” link. If you have more than one account with us, you will need to ensure your “selected account” is your ISA under the Account Selector field you’ll see to the top right of your screen.
How do I open an ISA account?
First please register with us. During the registration process you will be asked which accounts you wish to open. Select ‘ISA account’ and follow the steps on the screen. If you have already registered please login. On your Dashboard home page you will find an “Open More Accounts” link, which will give you the option to apply for an ISA account.
How do I “Bed & ISA”?
Bed & ISA is a way to transfer shares held outside of an ISA into your ISA as a subscription. The shares or funds are simultaneously sold from your Investment Account and repurchased in your ISA account through the same market maker to protect you against any price movements and to control the amount charged by the market maker by the “spread” between the sale and repurchase price. On the settlement date, we will record the sale proceeds as your subscription to your ISA.
The following charges may apply:
- £11.50 commission on both the sale and repurchase, £23 in total.
- Stamp duty (if applicable) on the purchase.
- For UK listed share purchases over £10,000, a levy of £1 to help fund the Panel on Takeovers and Mergers.
- Any difference between the sale and repurchase prices.
Bed & ISA must be requested by telephone, by calling our Helpdesk on 0131 550 1234. If you wish to carry out a Bed & ISA near the end of the tax year, please leave yourself plenty of time because our deadline will be a few working days before 5 April.
Because Bed & ISA includes a sale, you might also need to pay capital gains tax.
There is a “tax credit” on my ISA statement. What is it?
Tax credits are paid on certain types of income-generating funds. If the composition of a fund is 60% or more fixed interest (including corporate bonds and gilts), you will receive a credit to offset the tax paid on the fixed interest component of the fund, which we will claim for your ISA. It can take around six weeks after the payment of the distribution for these credits to arrive.
From 6 April 2017, interest received by UK funds will be paid with no tax deducted (‘gross’).
What can I hold in my ISA?
The following securities can be held in your ISA;
- Funds, Unit Trusts and OEICs
- UK Equities listed on the London Stock Exchange (LSE) and the Alternative Investment Market (AIM)
- Investment Trusts and Real Estate Investment Trusts (REITs)
- Gilts & Bonds
- Permanent Interest Bearing Shares (PIBS)
- Exchange Traded Products
- Overseas shares listed on the main European US Canadian and Far Eastern Markets
If you are unsure whether an investment is eligible, please contact our Help Desk on 0131 550 1234.