When you set up an ISA with Nutmeg, we put the ISA wrapper on your account as a whole. This means that you can create as many funds as you like — from paying for your children's education to buying a new home — and don't have to worry about which one is your ISA fund. We'll automatically count every contribution towards your ISA allowance until you reach the limit.
When we decide which investments should be inside your ISA wrapper, we always choose the ones which would benefit most from the tax advantages. And when you make a withdrawal from your account, we'll first sell any investments that are not in your ISA. This means that you won't lose a portion of your ISA allowance unnecessarily.
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You can transfer Stocks and Shares ISAs to Nutmeg. However, your existing investments will be sold and the money transferred as cash. We will then invest your Stocks and Shares ISA on your behalf, in accordance with our investment strategy.
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Yes. Any ISA transfers will continue to be sheltered from tax.
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Absolutely — although investments outside your ISA will be subject to tax. When we decide which investments should be inside your ISA wrapper, we always choose the ones which would benefit most from the tax advantages.
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First, you need to find out whether your previous ISA has rolled over into this year. You should be able to do this by contacting your provider, or by checking their terms and conditions. If the ISA does roll over, we can help you transfer it to us. If it doesn't roll over, you will be able to open a new ISA with Nutmeg (and, if you want, transfer the old one as well).
Nutmeg ISAs automatically roll over from one tax year to the next — unless you tell us otherwise.
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Full Stocks and Shares ISA allowances by tax year:
2018/2019 — next tax year £20,000
2017/2018 — current tax year £20,000
2016/2017 — previous tax year £15,240
2015/2016 £15,240
The full Stocks and Shares ISA allowance for the tax year 2017/2018, as of 6th April, is £20,000. You can choose to contribute any portion of that to a Cash ISA and the remainder to a Stocks and Shares ISA. Nutmeg does not offer Cash ISAs.
When you set up an ISA with Nutmeg, we'll ask you if you want to set a limit for your ISA — for example if you hold a Cash ISA elsewhere. Setting a limit helps make sure you don't pay too much into your Nutmeg ISA.
If you (or we) make a mistake, please let us know as soon as possible and do not try to correct the mistake yourself. In some circumstances an over-subscribed ISA could become void. For more information visit the HMRC ISA FAQs.
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Opening an ISA once you have an account with us is easy — just log in and click on the links to "Transfer an ISA to Nutmeg". We offer two options as to what happens to your existing investments.
1) We can transfer your current Nutmeg holdings into your ISA, up to the ISA limit you set, at our next investment cycle.
2) Alternatively, you could instruct us to keep your present portfolio invested, and only apply new contributions to your ISA. This means that your current holdings would remain in a taxable account.
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Get more answers in our ISA support section, or the HMRC ISA FAQs.
Please bear in mind
A Stocks and Shares ISA may not be right for everyone and tax rules may change in the future. If you are unsure if an ISA is the right choice for you, please seek independent financial advice.