- Can I open a joint ISA?
- Why do you need my National Insurance Number?
- If I have existing holdings, can I transfer these into my ISA account?
- Can I transfer an existing ISA to iDealing?
- Can I transfer shares resulting from share option schemes into my ISA?
- Can I withdraw funds from my ISA?
- When does the tax year start and end?
- What happens to any uninvested cash?
- What are ISA-eligible investments?
- What are the charges?
- How soon can I access and trade on my ISA account?
- What happens if I receive shares from a bonus or rights issue which are not ISA or iDealing eligible?
- What do I need to include on my tax return?
- How can an ISA be made void?
Can I open a joint ISA?
No, ISAs can only be opened on an individual basis.
Why do you need my National Insurance Number?
It is an Inland Revenue requirement for all ISA accounts that the National Insurance Number is recorded, if you have one. If you do not have a National Insurance Number you must declare that you do not.
Please Note: Providing an incorrect N.I. Number or stating that you do not have one when in fact you do, may result in your ISA being voided with a subsequent loss of tax benefits.
If I have existing holdings, can I transfer these into my ISA account?
The Inland Revenue does not allow the direct transfer of existing holdings into an ISA account unless they are being transferred from another ISA account you hold. Where existing holdings are held outside an ISA the transfer can be indirectly effected by way of a "Bed and ISA" transfer as follows:
- Open a Standard iDealing account.
- Transfer the existing holdings into this account.
- Sell the existing holdings.
- Use the online transfer function to move funds from your standard account to your ISA account and then repurchase the holdings.
Please note that iDealing's standard charges apply for processing the above and that you will be liable to pay stamp duty/SDRT on the shares repurchased in the ISA account.
Can I transfer an existing ISA to iDealing?
The Stocks and Shares component of existing ISAs can be transferred to iDealing. Before requesting a transfer, you should be aware of the following:
- Your existing ISA Manager may charge you for the transfer.
- Electronic transfers of holdings from other ISA Managers (where eligible) are free of charge. A £5.00 charge is levied on transfers into iDealing accounts of certificated holdings. This is charged per stock/registration, not per certificate.
- You may need to liquidate holdings in your existing ISA account before it can be transferred to iDealing due to stock eligibility.
- The transfer process may take varying lengths of time to complete depending on the stocks held and any pending transactions.
To transfer the Stocks and Shares component of an existing ISA:
- Apply for an ISA online (if you already have an account with us, login first to do so).
- Download and print an ISA transfer form from the Forms section of our website. If you wish to transfer from more than one ISA, please use a different transfer form for each ISA that you will be transferring to us.
- Return the completed transfer forms to us (our address can be found here).
Can I transfer shares resulting from share option schemes into my ISA?
Shares maturing from some Inland Revenue approved company share schemes can be transferred into an ISA within 90 days of being exercised and will not be regarded as having realised a capital gain. These include some of the 'Save as You Earn' schemes and some of the Profit Sharing schemes. You will need to check with your employer to find out if your particular share save scheme is ISA eligible. You should also be aware of the following:
- You may have to pay income tax on any profits you have made (under the 'benefit in kind' system) from being able to buy a share at a reduced price. If your company's shares are worth £2 on the open market but due to the share option scheme you only had to pay £1, you may still have to pay income tax on the £1 profit. You may not have to pay income tax if certain conditions are met.
- The number of shares you can transfer into the ISA will be based on the market value of the shares on the day of transfer. From the above example, you would be able to transfer in 10000 shares (priced at 200 pence) into a Stocks and Shares ISA which would utilise your maximum £20000 contribution.
Can I withdraw funds from my ISA?
Yes, it is possible to withdraw cash from your ISA account, in accordance with iDealing's standard account operations. However it is not possible to withdraw any funds from a JISA until the child's 18th birthday. Please note that funds withdrawn from an ISA account cannot be recredited to your ISA account if you have already subscribed to the maximum limit. As an example, in an ISA, if you subscribed for the maximum limit of £20,000, and then withdrew £2000, you cannot subscribe any further funds to your ISA for that tax year.
When does the tax year start and end?
The tax year runs from the 6th April to the 5th April each year. Therefore, the current tax year, 2024/2025, started on the 6th April 2024 and ends on the 5th April 2025.
What happens to any uninvested cash?
Any funds paid into your ISA account which are not subsequently invested will attract interest (See our Services & Prices for the current interest paid). iDealing is obliged to deduct a flat rate charge of 20% tax on any interest paid on ISA account cash balances.
What are ISA-eligible investments?
HMRC have set guidelines on which investments can be held in a Stocks and Shares ISA account and Junior ISA account. ISA-eligible investments are generally stocks and shares which are officially listed on a recognised stock exchange such as the London Stock Exchange (LSE). Please note from 5th August 2013 the ISA regulations changed to allow shares dealt on the Alternative Investment Market (AIM) to be traded and held within Stocks and Share ISA and Junior ISA accounts.
The following are NOT ISA-eligible investments:
- Warrants
- Bonds with less than 5 years until their redemption at the date of purchase (this only applied to bonds acquired before 1 July 2014)
In addition, iDealing may not offer some investments (i.e. unit trusts) which would otherwise be eligible to be held in an ISA. It is your responsibility to ensure that the investments you choose qualify under HMRC regulations.
With effect from 13th December, 2000 the ISA regulations changed to allow Crest depository interests(CDI's) to be traded and held within an ISA.
What are the charges?
Please see Services & Prices for the full information. For clients who have both a Standard and an ISA account, quarterly charges for both accounts will be passed to the standard account.
How soon can I access and trade on my ISA account?
After you have submitted an online registration, we will send a pre-printed ISA account application pack to you. You will not be able to access your account until we have received and approved your signed application, and verified your identity. You will not be able to trade on your account until cleared funds are available, or you have transferred your ISA holdings from another ISA Manager.
What happens if I receive shares from a bonus or rights issue which are not ISA or iDealing eligible?
In the event that you receive a holding as a result of a Corporate action which is not eligible to be held in an ISA or iDealing account, we will either advise you that you need to sell the stock within 30 days of receipt, transfer the holding to a standard trading account or we will arrange for the stock to be rematerialised and the resultant certificates sent to you.
What do I need to include on my tax return?
Any income or capital gains earned on investments in an ISA account do not need to be declared on your annual tax return unless the ISA is made void.
How can an ISA be made void?
An ISA can be made void if there has been a breach of the ISA regulations. An example would be if an investor has subscribed to more than one ISA in the same tax year. In this case, the second ISA would be made void.