Newbury Building Society - 01635 555777

 

 

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ISA Allowance message
The current cash ISA limit from 6 April 2008 is £3,600.

General ISA Terms and Conditions
  • An ISA may only be held by an investor in his or her sole name. Joint accounts are not allowed. You must be at least 16 years of age to invest in an ISA.
  • All ISA investments will be and must remain in the beneficial ownership of the investor. Any rights in respect of your ISA may not be assigned and those rights may not be used as security for a loan.
  • An ISA may not be transferred from one investor to another.
  • You must be resident and ordinarily resident in the United Kingdom for tax purposes or, if not so resident, either perform duties which, by virtue of Section 28 of Income Tax (Earnings & Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the United Kingdom, or you must be married to, or in a civil partnership with, a person who performs such duties. You must inform Newbury Building Society if you cease to be so resident and ordinarily resident or to perform such duties or be married to, or in a civil partnership with, a person who performs such duties.
  • The start date for your ISA is the date of the first deposit.
  • On the instructions of the investor and within the time stipulated by the investor (subject to a minimum period of 5 working days), an ISA with all rights and obligations shall be transferred to another ISA manager. Partial transfers are not permitted.
  • On the instructions of the investor and within the time stipulated by the investor (subject to a minimum period of 5 working days), all the investments held in the ISA and proceeds arising from those investments shall be transferred or paid to the investor.
  • The favourable tax treatment offered by the Government’s ISA scheme may not continue indefinitely.
  • The maximum cash subscriptions in each tax year are £3,600 (after 6 April 2008). Withdrawals have no effect on the subscription limits. Once the limit has been reached for the tax year you cannot make further subscriptions, regardless of withdrawals.
  • The ISA must cease on the date of death of the investor. Interest will be paid gross up to and including the date of death. The account will be transferred into an interest bearing account in the names of the personal representatives. Interest arising after the date of death will be subject to deduction of income tax at the appropriate rate.
  • You do not have to pay income tax on the interest paid in each of the years that you have your ISA provided all the ISA Terms and conditions have been followed.
  • If you do not subscribe (make any investments) to your ISA in any one tax year, under Her Majesty’s Revenue and Customs (HMRC) rules, you will be required to complete a new application form should you wish to continue to invest in subsequent years.
  • You may invest in one cash ISA and subscribe to one stocks and shares ISA within the same tax year. The total ISA subscription limit is £7,200 (after 6 April 2008) with a maximum cash ISA limit of £3,600. You can subscribe to either or both components.
  • For a period of 30 days after opening your ISA, you may instruct us that you have changed your mind and we will return your deposit to you, subject to cheque clearance, with any accrued interest (tax will not be deducted). Alternatively, we can help you switch to another savings account with us (conditions allowing). The 30 day cancellation period starts on the day you open your cash ISA and ends at close of business on the 30th calendar day. To cancel your ISA agreement with us, you can either visit or write to your local branch, enclosing your passbook. No administration charges will be made.
  • Newbury Building Society will notify the investor if, by reason of any failure to satisfy the provisions of the ISA regulations, an ISA has, or will, become void.
  • Newbury Building Society will satisfy themselves that any person to whom it delegates any of its functions or responsibilities under the terms agreed with the investor is competent to carry out those functions and responsibilities.

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