You can also transfer Lifetime ISAs to an ii Stocks and Share ISA. However, you will have to pay a 20% government withdrawal charge.
"}},{"@type":"Question","name":"Can I transfer part of my ISA?","acceptedAnswer":{"@type":"Answer","text":"
If you are transferring this year’s ISA, you must transfer all of it.
If you are transferring ISAs from previous years, you can transfer all or part of it. To do this, you must select ‘Previous Years Only’ transfer when using the online transfer form.
"}},{"@type":"Question","name":"How long will it take to transfer my Stocks and Shares ISA?","acceptedAnswer":{"@type":"Answer","text":"
The transfer usually takes about 6 weeks if you transfer your existing investments. If you sell your investments and transfer in cash, the transfer takes up to 4 weeks.
As a member of TISA Exchange Limited (TEX), we are able to transfer investments between providers electronically. If your existing provider is not a member, we will need you to send us a transfer form, which can take longer.
If you want to trade while your transfer is in progress, most providers will be able to facilitate this as long as your investments aren’t in the process of being re-registered.
You should contact your current provider to place your trade(s). Don’t forget to keep both them and us updated on the changes to the investments in your account. We can’t be held liable for any missed opportunity if you choose not to trade while your transfer is in flight.
"}},{"@type":"Question","name":"What is the deadline for investing in an ISA in this tax year?","acceptedAnswer":{"@type":"Answer","text":"
The deadline for investing in an ISA this tax year is 5 April 2023.
You can use your ISA allowance for 2022-23 at any point up to that date. After that date, you can invest in an ISA using your ISA allowance for 2023-24.
"}},{"@type":"Question","name":"What investments can I hold in a Stocks and Shares ISA?","acceptedAnswer":{"@type":"Answer","text":"
You can hold a wide range of investments within your Stocks and Shares ISA. The most common investment types include:
By opening an ii Stocks and Shares ISA, you can pick from more than 40,000 investment options to build your ISA portfolio. We also have a range of investments ideas selected by our experts to help you get started, including Quick-start Funds, ii Super 60 and ii ACE 40.
"}},{"@type":"Question","name":"What currencies can I hold in an ISA?","acceptedAnswer":{"@type":"Answer","text":"
Only pounds sterling (GBP) can be held in an ISA.
If you buy or sell international investments that are quoted in a different currency, you will need to settle these in GBP sterling. Please be aware this will incur foreign exchange charges. For more information, please refer to our charges page.
"}},{"@type":"Question","name":"How can I withdraw money from my Stocks and Shares ISA?","acceptedAnswer":{"@type":"Answer","text":"
To withdraw money from your ISA, log in to your account and select cash & transfers > withdraw/transfer cash from the menu. Then follow the instructions on screen for a bank transfer.
The timescale for withdrawing cash is the next working day if you make the withdrawal before 2pm, and two business days if you make the withdrawal after 2pm. If you are selling shares, you will not be able to withdraw the funds until after the trade has settled.
"}},{"@type":"Question","name":"How do I check my remaining ISA allowance?","acceptedAnswer":{"@type":"Answer","text":"
You can check your ISA allowance by logging into your account. Simply scroll down your overview page to view your Current ISA Allowance.
Please also remember to consider any money you have contributed to other types of ISAs, as these also count towards your £20,000 total allowance.
"}},{"@type":"Question","name":"Can I contribute to my ISA again after missing a tax year or do I need to re-apply?","acceptedAnswer":{"@type":"Answer","text":"
You don't need to re-apply but, if there is a break in tax years since your last subscription, you will need to provide some information to help us comply with the ISA Regulations.
To reactivate your ISA:
Log in into your account.
\n
Go to account > add an account.
\n
Select Account Upgrades and then choose the ISA Missed Tax Year option.
\n
Then confirm your date of birth and National Insurance Number.
Important information - investment value can go up or down and you could get back less than you invest. If you're in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of the product you should contact HMRC or seek independent tax advice.
A Stocks and Shares ISA: a tax-efficient investment account
Our Stocks and Shares ISA lets you invest in a wide range of funds, shares and more.
You can invest up to £20,000 each year, and your investments are sheltered from capital gains tax and income tax. That means when you come to withdraw the cash, the money is all yours.
Remember that there is always a risk that your investments can go down as well as up. You should not invest money that you can’t afford to lose.
How does a Stocks and Shares ISA work?
A Stocks and Shares ISA is a tax-efficient investment account which can offer greater returns than cash savings. All you need to open an account is to be aged 18 or over, and be a UK resident.
The account allows you to either keep cash or place your money in investments, the returns of which are free from UK tax.
Before you invest, check out our New Customer hub to find out how the ii account works and how to make the most of it.
How much can I invest in an ISA?
You can invest up to £20,000 in your Stocks and Shares ISA each tax year. This is the ISA allowance for 2022-23.
But remember, the ISA allowance applies to all ISA accounts you may hold. For example, if you have a Stocks and Shares ISA and a Cash ISA, the £20,000 allowance is the total you can invest across both accounts.
Our experts make this easy with a range of hand-picked investment ideas to help you get started - including Quick-start Funds and our ii Super 60 and ii ACE 40 rated lists.
There are several tax benefits when you invest in a Stocks and Shares ISA:
No tax on profits or capital gains
No tax on interest earned on bonds
No tax on UK dividends
In contrast, investments in a general investment account are eligible for tax on gains over £12,300 per year. This means the ISA allowance is a valuable benefit for investors.
You do not have to declare your Stocks and Shares ISA on your tax return.
Please note that you still have to pay tax on certain transactions. For example, Stamp Duty when you buy UK shares. Other government charges may apply when you buy international shares and receive international dividends. Please see our charges page for more details.
How much does it cost to invest in a Stocks and Shares ISA?
Most providers charge a percentage fee that grows with your investments, we are different. Our Stocks and Shares ISA costs a flat £9.99 a month. You can also add our Trading Account and Junior ISA at no extra cost.
You can contribute as little as £25 a month with our regular investing service. There are no trading fees when you contribute this way.
If you want to buy or sell shares and funds, your first monthly trade is free. After that, trades usually cost £7.99.
There are some additional fees for things like foreign currency exchange. View our ISA charges page for a full list.
Your money is safe with us
As one of the UK's largest investment platforms, we take the security of our 400,000+ customers very seriously. To ensure its safety, any money you hold with ii is placed in a bank account which is established with statutory trust status. This means your money is kept separate from our own.
You are also protected by the Financial Services Compensation Scheme (FSCS) which protects your money up to £85,000.
Remember that investing in a stocks and shares ISA means taking some risk and you could get back less than you invest.
Stocks and Shares ISA rules
You can open a Stocks and Shares ISA if you are a UK resident aged 18 or over.
Stocks and Shares ISAs are suitable for individuals who are confident making their own investment decisions.
In each tax year, you can invest money in one of each type of ISA.
For example, you can contribute money to a Cash ISA, a Stocks and Shares ISA and a Lifetime ISA in the same tax year. However, you cannot contribute money to two Stocks and Shares ISAs.
There is no limit to the number of ISAs you can have in your lifetime.
A flexible ISA allows investors to transfer money out of their ISA and then put it back in without using additional ISA allowance.
The ii Stocks and Shares ISA is not a flexible ISA. If you take transfer money out of your ii Stocks and Shares ISA, you will not be able to replace this without using your remaining ISA allowance. You can top-up your ISA, but only up to the annual ISA allowance limit.
If you move abroad, you cannot add money to your ISAs after the end of the tax year in which you moved.
However, you will be able to keep your existing ISAs open and leave your money invested. You can add money to your ISAs again if you return to live in the UK.
When you die, your ISA forms part of your estate, and will be subject to inheritance tax like any other asset. It will remain open until either the administration of the estate is completed, or it is closed by the executor. If neither of these happen, it will be closed three years after your death.
You can leave your ISA to whoever you choose in your will. If you have a Stocks and Shares ISA, the investments can be transferred to your beneficiary, or they can be sold and the proceeds paid to the beneficiary.
Your spouse or civil partner can inherit a one-off additional ISA allowance, equal to the value of the deceased's ISA account. This is known as Additional Permitted Subscription (APS).
When you die, your spouse or civil partner inherits a one-off additional ISA allowance. This is known as Additional Permitted Subscription. In other words, it’s an additional allowance on top of their personal ISA allowance.
The allowance is equal to the value of your ISA on the day it closes, or the day you died, whichever is higher. This value is added on to the normal ISA allowance of £20,000.
As your spouse or civil partner will not have to pay inheritance tax on your estate, they could inherit your ISA tax free. Then they could then transfer your ISA into their own using Additional Permitted Subscription.
The remaining spouse or civil partner can claim APS even if the ISA has been left for someone else in the deceased's will. Find out more about Additional Permitted Subscription.
Make sure you transfer using our online ISA transfer process – either during account opening, or by logging in to your online account.
If you choose to withdraw and transfer the cash yourself, you will use up additional ISA allowance – the online transfer process ensures this doesn’t happen.
You can transfer Cash ISAs and Stocks and Shares ISA to ii.
If you transfer your Stocks and Shares ISA, you can keep your existing investments or sell them and transfer in cash.
You can also transfer Lifetime ISAs to an ii Stocks and Share ISA. However, you will have to pay a 20% government withdrawal charge.
If you are transferring this year’s ISA, you must transfer all of it.
If you are transferring ISAs from previous years, you can transfer all or part of it. To do this, you must select ‘Previous Years Only’ transfer when using the online transfer form.
The transfer usually takes about 6 weeks if you transfer your existing investments. If you sell your investments and transfer in cash, the transfer takes up to 4 weeks.
As a member of TISA Exchange Limited (TEX), we are able to transfer investments between providers electronically. If your existing provider is not a member, we will need you to send us a transfer form, which can take longer.
If you want to trade while your transfer is in progress, most providers will be able to facilitate this as long as your investments aren’t in the process of being re-registered.
You should contact your current provider to place your trade(s). Don’t forget to keep both them and us updated on the changes to the investments in your account. We can’t be held liable for any missed opportunity if you choose not to trade while your transfer is in flight.
Investing in Stocks and Shares ISAs
The deadline for investing in an ISA this tax year is 5 April 2023.
You can use your ISA allowance for 2022-23 at any point up to that date. After that date, you can invest in an ISA using your ISA allowance for 2023-24.
You can hold a wide range of investments within your Stocks and Shares ISA. The most common investment types include:
By opening an ii Stocks and Shares ISA, you can pick from more than 40,000 investment options to build your ISA portfolio. We also have a range of investments ideas selected by our experts to help you get started, including Quick-start Funds, ii Super 60 and ii ACE 40.
Only pounds sterling (GBP) can be held in an ISA.
If you buy or sell international investments that are quoted in a different currency, you will need to settle these in GBP sterling. Please be aware this will incur foreign exchange charges. For more information, please refer to our charges page.
To withdraw money from your ISA, log in to your account and select cash & transfers > withdraw/transfer cash from the menu. Then follow the instructions on screen for a bank transfer.
The timescale for withdrawing cash is the next working day if you make the withdrawal before 2pm, and two business days if you make the withdrawal after 2pm. If you are selling shares, you will not be able to withdraw the funds until after the trade has settled.
You can check your ISA allowance by logging into your account. Simply scroll down your overview page to view your Current ISA Allowance.
Please also remember to consider any money you have contributed to other types of ISAs, as these also count towards your £20,000 total allowance.
You don't need to re-apply but, if there is a break in tax years since your last subscription, you will need to provide some information to help us comply with the ISA Regulations.
To reactivate your ISA:
Log in into your account.
Go to account > add an account.
Select Account Upgrades and then choose the ISA Missed Tax Year option.
Then confirm your date of birth and National Insurance Number.
Invest for a better future with our low-cost, award-winning Stocks and Shares ISA. Start today for only £9.99 a month.