Self Select ISAs

Don't worry, nearly there! Self-select ISAs are Stocks & Shares ISAs. Basically, they allow the investor to choose their own portfolio of stocks and shares, unit trusts, etc, rather than be limited to the ISA provider's selection.

Self-Select ISAs are available from Stockbrokers, but remember that you will have to do your own research into investments. Some brokers will advise, but be prepared to pay extra. There are some disadvantages. Firstly, they tend to be more expensive to run, as charges normally attract VAT, which isn't redeemable under ISA rules. Also, be wary of hidden charges such as admin (for meetings, annual accounts, reports, etc) dealing costs, charges for employee share options/SAYE, and additional commission for investing more than 50% in shares outside of the EU.

It is also worth researching what you can actually invest in. For instance you may be attracted to a Self Select ISA becasue you want to invest in a particular company but with the tax efficiency of the ISA wrapper, only to find that the ISA rules do not permit this companys shares to sit within the ISA because the company is listed on the Alternative Index Market, (AIM).

If you wish to purchase a Self Select ISA, please contact a stock broker or contact us for a referral.

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