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With the Investment ISA you can only invest in 3 ready-made funds whereas the Stocks and Shares ISA allows you to invest in a wider range of investments.
Both ISAs have a £20,000 ISA allowance and you can only invest in one of these in the same tax year.
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 choose to invest your full allowance into a Cash ISA, a Stocks and Shares ISA (which includes the Investment ISA), or an Innovative Finance ISA or any combination of the three.
Alternatively you can split your allowance by investing 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.
An ISA declaration is required by HMRC, this is to ensure that when you apply for an ISA you are aware of the current ISA rules and regulations. This is also required if no subscription has been made to the ISA in the previous tax year.
The tax year runs from 6th April to 5th April every year. On 6th April you will be allocated the new tax year's ISA subscription allowance.
If you already have an ISA, you do not 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. You can only subscribe into one Stocks and Shares ISA or Investment ISA for the tax year.
Transferring to |
Transferring from |
Transfer time |
---|---|---|
Transferring toHalifax Stocks and Shares ISA |
Transferring fromHalifax Cash ISA |
Transfer time2-3 weeks * |
Transferring toHalifax Stocks and Shares ISA |
Transferring fromNon-Halifax Cash ISA |
Transfer time2-3 weeks * |
Transferring toHalifax Stocks and Shares ISA |
Transferring fromStocks & Shares ISA |
Transfer time2 - 3 weeks to transfer cash or UK shares 6 - 8 weeks for funds or international shares * |
Transferring toHalifax Stocks and Shares ISA |
Transferring fromInnovative finance ISA |
Transfer time30 calendar days * |
Transferring toHalifax Stocks and Shares ISA |
Transferring fromLifetime ISA |
Transfer time30 calendar days * |
Transferring to |
Transferring from |
Transfer time |
---|---|---|
Transferring toHalifax Investment ISA |
Transferring fromHalifax Cash ISA |
Transfer time2-3 weeks * |
Transferring toHalifax Investment ISA |
Transferring fromNon-Halifax Cash ISA |
Transfer time2-3 weeks * |
Transferring toHalifax Investment ISA |
Transferring fromStocks & Shares ISA |
Transfer time2-3 weeks * |
Transferring toHalifax Investment ISA |
Transferring fromInnovative finance ISA |
Transfer time30 calendar days * |
Transferring toHalifax Investment ISA |
Transferring fromLifetime ISA |
Transfer time30 calendar days * |
* These transfer times are based on industry guidelines and may vary.
Eligible investments with us are protected by the Financial Services Compensation Scheme (FSCS). For further information about the compensation provided by the FSCS, refer to the FSCS website at www.fscs.org.uk/. You can also visit our Financial Services Compensation Scheme page for more details.
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.