An Individual Savings Account (ISA) is a tax wrapper that allows you to save, either in cash or stocks and shares, without paying any tax on the money in the wrapper. This includes any returns/growth is tax-free. At SCM Direct, we only offer a Stocks & Shares ISAs, not Cash ISAs.
You pay no tax on any of the returns/growth you receive from your investments held in an ISA. This includes dividends, interest and bonuses, but an ISA investor cannot claim the tax credit, which is attached to a dividend.
You pay no tax on capital gains arising on your ISA investments (losses on ISA investments cannot be used for Capital Gains Tax purposes against capital gains outside your ISA).
You do not have to declare income and capital gains from ISA savings and investments or even tell your tax office that you have an ISA.
It takes only 10 minutes to open an ISA account.
SCM Direct minimum investment is £10,000 and you must be:
If you have any questions about a new or existing ISA, please do not hesitate to contact us at enquiries@scmdirect.com
If you have an existing ISA with another provider, you can transfer your ISA to an SCM Direct stocks and shares ISA whenever you wish. We accept partial transfers of an ISA (subject to our £10,000 minimum investment level).
You cannot transfer your ISA by closing it and opening a new stock and shares ISA with us. Your existing ISA manager cannot stop you transferring, but they may make you pay an exit charge, or make a charge for selling your existing ISA investments. SCM Direct only accepts cash transfers (you may want to consider this before transferring your ISA).
The ISA rules allow you to transfer between stocks and shares ISA and cash ISAs as you wish. However, if you want to transfer the money you have put into your ISA in the current tax year, you must transfer all of it. You can also transfer all or some of the money you have been putting into your ISA in previous years if you wish. To open or transfer a ISA please click here
