If you wish to maximise your stocks and shares ISA investments, the maximum investment would be £7,200 per individual per tax year.
If you decide to purchase a cash ISA with another manager, you may still use The SIT ISA for your stocks and shares ISA. The maximum combined total investment into a cash ISA and a stocks and shares ISA is £7,200 per individual for each tax year.
Contribution limits from tax year 2008/09
Stocks and shares ISA
Cash ISA
Up to £7,200
Up to £3,600
An ISA may consist of:
only stocks and shares up to the limit of £7,200
or
a combination of cash and stocks and shares up to the limit of £7,200. Within this, the cash limit is £3,600
Please bear in mind that in the same tax year you cannot have more than one cash ISA or more than one stocks and shares ISA - to do so constitutes a breach of ISA regulations.
Our low charges mean that, unlike some other ISAs, less of the money you make is taken up on management fees - so your money goes further.
No initial charge The SIT ISA has no initial plan charge. As with all shares, there is compulsory government stamp duty on purchases and a different buying and selling price applies. For every £100 of SIT stock purchased, 50p is paid in government stamp duty (which is currently levied at the rate of 0.5% of the amount invested). There is no dealing fee or commission charge.
Capped annual charge
The annual ISA management charge of just 0.6% of the value of your investment is capped at £30 + VAT regardless of how much your ISA investment grows or how many ISA years' allowances you invest in SIT.
Free withdrawals
These can be made at any time, as long as the remaining balance in your SIT ISA account is £500 or more.
No closure fees
Interest is paid on uninvested balances for monthly savers
Transfer charges
We make no transfer-in charge to transfer an existing ISA into The SIT ISA.
There is a transfer-out charge of just £30 + VAT to transfer your SIT ISA.
Fund overheads
As in any public limited company (PLC), the overheads of running the trust are clearly identified as expenses in SIT's annual report. These expenses are paid directly out of the income of the trust, they are not levied on the investor. SIT dividends are paid to shareholders after these costs have been met. Please refer to our Key Features document for details of current expenses and their effect on an investment.
With no initial or closure charges, very competitive trust overheads and a capped annual management charge, The SIT ISA is one of the most cost-efficient ISAs on offer.
With its flexibility and potential tax advantages The SIT ISA can provide you with a tax efficient long-term investment vehicle which you could use to help:
Supplement a pension
Fund school fees
Repay your mortgage
Build an investment for children or grandchildren
Fund any special family objective
Flexible Investment
There is a choice of ways to invest in The SIT ISA.
Monthly Investment
If you are unsure as to the best time to invest and would like to spread your investments over time, investing regularly every month may be an attractive option.
You can invest from as little as £50 per month. You can increase or decrease the amount you pay each month subject to the £50 minimum and the ISA annual investment limit.
You can stop and restart regular investments or add one-off lump sums at any time up to the ISA annual investment limit.
Lump Sum Investment
You can start your ISA with a lump sum from as little as £500 up to the ISA annual investment limit. Additional lump sums (minimum £500) can be added at any time throughout the tax year up to the ISA annual investment limit.
Dividend Income
You can choose how you wish to receive your dividend income, either in cash or automatically reinvested
Type of ISA You have a choice of either a Maxi or a Mini equity ISA.
You can apply for your SIT ISA by completing the Application Form which can be found at the back of The SIT ISA brochure or by downloading it from this website.
Return your completed and signed application form to our ISA Administrator, together with proof of your address, a personal cheque drawn on an account in your name for the lump sum or the first month’s investment, made payable to The SIT ISA, and (if applicable) direct debit instruction and income distribution request form (if you wish your dividend to be paid into your bank or building society account).
Please don’t forget to read the Key Features and Terms and Conditions that apply to The SIT ISA before completing your application form.
Once your application has been received, our ISA Administrator will send confirmation of your ISA application. Your ISA stock purchase will take place when all details are complete and correct and, if requested, any identification documentation has been satisfactorily supplied.
HOW TO MAKE ADDITIONAL LUMP SUM INVESTMENT INTO THE SIT ISA
Additional lump sums (minimum £500 up to the ISA annual investment limits) can be added at any time up to the end of the tax year.
Simply write to the administrator quoting your ISA account code and enclosing a personal cheque drawn on an account in your own name made payable to The SIT ISA.
It is also possible, once an ISA has been opened, to make lump sum investments by debit card (Switch or Delta) by telephoning the administrator on 0845 850 0181.
Purchases of stock units are made daily.
The SIT ISA
Halifax Share Dealing Ltd
Trinity Road
Halifax
West Yorkshire
HX1 2RG
We can accept the transfer of an existing stocks and shares ISA from other qualifying managers at any time without losing your ISA’s tax status.
We can also accept the transfer of a cash ISA into The SIT ISA. This would turn the cash ISA being transferred into a stocks and shares ISA.
Whilst SIT makes no charge for transfers in, your previous manager may impose a charge for administering the transfer out.
If you do wish to consolidate your ISA investments by transferring to The SIT ISA - either to reduce the overall burden of plan charges, or to streamline the structure of your personal portfolio - please contact us for SIT's ISA Transfer Pack, or download from the literature library section.
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