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Common ISA enquires

General

  • The maximum amount you can invest in the current tax year is £20,000. You can choose to use your ISA allowance in a cash ISA, a stocks and shares ISA, an innovative finance ISA, a lifetime ISA (depending on your age and circumstance and up to the lifetime ISA limit) or any combination of the four as long as you don't exceed the annual allowance. For more information view the guide to ISA limits and rules.

    The Help to Buy: ISA allowance is lower than the £20,000 cash ISA allowance, as you can only save up to £200 per calendar month. If you invest in a Help to Buy: ISA you can invest any remaining annual allowance into a stocks and shares ISA, an innovative finance ISA, a lifetime ISA (depending on your age and circumstance and up to the lifetime ISA limit) or a combination of the three.

    Bear in mind; you can only save into one cash ISA in a tax year. This includes the Help to Buy: ISA and cash ISAs held outside the Halifax.

  • Tax years run from 6th April one year to 5th April the following year.

  • Cash ISAs let you save without having to pay any income tax on the interest you earn. Your money is at no more risk than any other savings account.

    Stocks and Shares ISAs are an option if you're looking to invest for at least 5 to 10 years. They let you save without paying Capital Gains Tax on any potential profit you make, plus there is no further tax to pay on any income you receive from your investments. Unlike cash ISAs, the value of your investment can go down as well as up and you may get back less than you originally invested.

  • A cash ISA is tax-free. This means that you pay no income tax on the interest you earn. Stocks and shares ISAs are tax-efficient, which is a term used to describe investments that offer tax benefits or tax relief. Any increase in value of the investments in your stocks and shares ISA is free of any personal liability to Capital Gains Tax and no income tax is payable on interest earned on investments or dividends received on shares held in an ISA.

  • There are limits on how many ISAs you can subscribe to in each tax year.

    You can only put money into one cash ISA and/or one stocks and shares ISA and/or one lifetime ISA and/or one innovative finance ISA, and you must make sure you don’t exceed the total ISA allowance for the tax year.

    Bear in mind that cash ISAs include the Help to Buy: ISA and any cash ISAs held outside the Halifax.

    The only exception is if you have opened a separate ISA to pay in an Additional Permitted Subscription allowance following the death of a spouse or civil partner.

  • There are four main types of ISA:

    • cash ISAs – where you don’t pay tax on the interest you earn (tax-free)
    • stocks and shares/investment ISAs – where growth in your investment is free from income tax and capital gains tax (tax-efficient)
    • lifetime ISAs – which allow you to save up to the lifetime ISA allowance each tax year and receive a government bonus of 25% of what you have saved. You can use some or all of the money to buy your first home, or keep it until you’re 60.
      - We don’t offer this ISA however you are able to transfer in from and out to a lifetime ISA subject to product rules.
      - If you want to transfer your Help to Buy: ISA to a lifetime ISA , special rules apply. Please ask your lifetime ISA provider for details.
    • innovative finance ISAs – which allows interest and gains from peer to peer loans to qualify for tax advantages.
      - We don’t offer this product however you are able to transfer in from and out to an innovative finance ISA.

    There are also junior cash ISAs and junior investment ISAs for children under 18 years old. A child can have both types of Junior ISA, provided they don’t exceed the annual Junior ISA allowance of £9,000 this tax year, which covers both cash and stocks and shares. Please note that we’re not currently accepting new applications for our Junior Stocks & Shares ISA.

ISA transfer

Help to Buy: ISA

Flexible ISAs

  • Yes. Flexible ISAs allow you to withdraw and replace funds from some of our cash ISAs without affecting your yearly ISA allowance, providing you replace funds in the same tax year that you withdraw them. So, say you pay £20,000 into an ISA and then take out £500, you can top it up with £500 before the end of the tax year. The allowance resets every tax year on the 6th of April.

    Please note: Your ability to withdraw and replace funds may be limited by the particular conditions of your ISA, for example, if you have a Help to Buy: ISA

  • Flexible ISAs allow you to withdraw and replace funds from some of our cash ISAs without affecting your yearly ISA allowance, providing you replace funds in the same tax year you withdraw them.

    Your ability to withdraw and replace funds may be limited by the particular account conditions of your ISA, for example, if you have a Help to Buy: ISA.

    The flexible allowance from the withdrawal of prior year funds cannot be transferred between ISA providers. If you do not replace withdrawals before a transfer, the allowance will be lost.

    The ISA limit for the year still applies so you can only hold a maximum of £20,000 across your cash ISA, stocks and shares ISA, lifetime ISA and innovative finance ISA.

  • Instant ISA Saver, ISA Saver Variable, Variable ISA Saver and ISA Saver Online are fully flexible.

    ISA Saver Fixed and Help to Buy: ISA do not have full flexibility as this is limited by product rules. See individual product conditions for full details.

    Flexibility does not apply to Junior Cash ISA.

  • Yes, as long as you replace it in the tax year that it was withdrawn. You can also deposit up to the annual ISA allowance (less any amount invested in a stocks and shares ISA, lifetime ISA or innovative finance ISA).

  • Any previous years’ subscriptions that have been withdrawn must be replaced before you request an ISA transfer. Current year’s subscriptions can be replaced following the transfer as long as they are replaced in the same tax year that they were withdrawn. You can also deposit up to the annual ISA allowance (less any amount invested in a stocks and shares ISA, lifetime ISA or innovative finance ISA).

  • No, any funds withdrawn must be replaced in the same tax year otherwise you will effectively lose the allowance and the replaced funds will count towards the following year’s tax allowance.

Our Halifax ISA Promise

As part of our ISA Promise, we'll pay you interest while your ISA funds are being transferred, provided they are free to move.

More about our ISA promise

Junior Stocks & Shares ISA

Take a look at our section specifically for the Junior Stocks and Shares ISA.