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Managing your ISA
If you have any questions about investing in an ISA, we can help.
1. 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 maximum amount you can invest in the current tax year is £20,000. You can select to invest your full allowance in one or split it between different types of ISAs.
More information on ISAs and how they work can is on the Government Website.
- What is an ISA declaration and why do I need to complete it?
An ISA declaration is required by HMRC. This makes sure when you apply for an ISA you are aware of the current ISA rules. - When does the tax year start and end?
The tax year runs from 6 April to 5 April every year. On 6 April, you’ll be allocated the new tax year's ISA subscription allowance. - Do I need to open an ISA every year?
If you already have an ISA, you don’t need to open a new account. All you need to do is fund your ISA at any point in the existing or new tax year to subscribe.
2. 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
Only shares that have been transferred from an HMRC approved scheme can be directly transferred into an ISA. For other shares, you can do a sale and repurchase (bed and ISA) to move investments to your ISA (subject to the investments being ISA eligible).
This involves selling your shares, moving the cash into an ISA and buying the shares back in one instruction. The amount of cash moved will count as a subscription to your ISA and the sale may be subject to Capital Gains Tax.
To request a sale and re-purchase online, you can complete the ISA sale and re-purchase form. Select ‘Help and Guidance’ then ‘frequent questions’, ‘useful forms’ when logged in to your account.
You can also complete this transaction with one of our colleagues over the phone.
- Moving cash from a Bank of Scotland Share Dealing Account into your Bank of Scotland Stocks and Shares ISA
If you'd like to transfer money from your Share Dealing Account into your ISA then you may be able to do this online. We can only transfer money into an active ISA.
Please note, your money must be showing as ‘available to withdraw’ before it can be moved into your ISA.
To request this online, you can complete the Transfer cash into your ISA form. Select ‘Help and Guidance’ then ‘frequent questions’, ‘useful forms’ when logged in to your account.
You can also complete this transaction with one of our colleagues over the phone or by web chat.
3. 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.
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.
4. 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.
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.
5. ISAs and share certificates
You can’t directly transfer a certificate into your ISA unless it has come from an approved HMRC scheme/plan. To transfer the shares into your Share Dealing ISA, you need to:
Deposit the share certificate into a Bank of Scotland Share Dealing Account by downloading and printing a transfer form (PDF, 47KB). You’ll need a separate Crest transfer form (PDF, 39KB) for each stock you want to deposit. This takes approximately 10 working days.
Please note that we can’t accept Irish certificates. For further help, please contact the company Registrar directly.
- For shares from an HMRC approved scheme/plan:
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 Stocks and Shares ISA. This is known as a 90-day transfer form (PDF, 48KB).
You’ll need to include 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; you can get this from your share scheme administrator.
We would recommend that you send your request and all the required paperwork at least 2 weeks before the end of the 90-day period. This will give us time to carry out relevant checks.
- For other shares:
You’ll need to complete a Sale and Repurchase once the shares are available in your Share Dealing Account.
6. 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.
Bank 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.