ISA Shares noob questions

Hi,
1). I am new to ISA INVEST/SHARES. I just want get this right. I have an ISA CASH with a bank I know that I can open with them ISA invest but there are charges which I don’t accept is T212ISA is the same thing like in the bank?

2). I paid in some money in to ISA cash already does it mean that I can only pay in to T212 ISA the difference up to 20000£?

3). Do I need to show statements from T212 ISA to tax man?

Cheers

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so in order of questions :wink:

  1. T212 does not charge any fees for opening or closing your positions or operating the account. this means the only additional charges you will face when executing are the UK stamp duty fees on UK stocks and SEC or FINRA fees where applicable, plus any taxes of foreign investments paying dividends. I have only seen the stamp duty so far on my own positions.

  2. the ISA account will cap at a max £20,000 regardless of whether you withdraw money or not. withdrawn money does not lower that count. It is determined by Tax year, so april-march and due to restrictions if you have already made a stock ISA elsewhere this year you have to wait for the next tax year to open the T212 ISA. the £20,000 is across all your ISA’s where applicable so if a portion goes into another, then you have less that could be deposited here. but you may only be allowed to deposit into a single ISA of a given type in a year. so you can deposit in 2 ISA’s if 1 is cash and the other stocks, but not if both are cash/stocks.

  3. the ISA has tax exemption status so you will not need to do anything. pay your money in, make your trades and withdrawing is all you will need to do. be aware that dividends from foreign companies can still be applicable for taxation depending on the agreement between countries. So I get dividends from PepsiCo that is in the US, normally that would have a 30% tax applied for foreign investors as I am in the UK. the double taxation agreement between the UK and US means that 30% is removed and a single 15% is applied as per the agreement. to be sure of getting these adjusted tax rates, make sure to fill out a W8-BEN form and send it to id@trading212.com

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