Scarborough Building Society

ISA Terms & Conditions

Who can open a Cash ISA?

Anyone resident in the UK and who is at least 16 years of age can open a Scarborough Cash ISA, provided that you haven't already subscribed to a Cash ISA in the same tax year. See the 'Further Information' section below for more details. Cash ISAs can only be held in a single name. Joint accounts are not allowed under Inland Revenue regulations. The ISA investments will be, and must remain in, the beneficial ownership of the investor and must not be used as security for a loan.

Can I carry any unused subscriptions to the next tax year?

You cannot transfer any unused subscriptions from one tax year to the next, which is why it is important to ensure that you invest the full £3,600 each tax year in order to get the maximum tax benefit you can.

Will I lose my tax relief if I withdraw or close the account?

If you need to withdraw from your Cash ISA or decide to close or transfer your ISA to another provider, you will still receive your interest tax free as long as you do not contravene the Inland Revenue Rules and Regulations.

What will happen if I close my Cash ISA?

If you close your ISA, you will not be able to open a new Cash ISA with another ISA provider in the same tax year, but you will be able to open a new Cash ISA in the next tax year and invest up to the maximum of £3,600 in that year. Alternatively, you can resume your ISA subscriptions with the Society in the same tax year and then retain the account or transfer it to another ISA provider at that time, subject to the annual subscription limits.

Can I have more than one Cash ISA?

You can only subscribe to one Cash ISA in any tax year, however, you can transfer your current Cash ISA held elsewhere to Scarborough Building Society.

How do I find out more about this or other products?

Simply speak to one of our customer advisers. Although we only offer Cash ISAs, we are able, through our partnership with Legal & General, to provide Stocks and Shares ISAs.

Further Information

  1. Interest is paid tax free which means it is exempt from Income Tax.
  2. Annual interest will be paid on the anniversary of the account having been opened.
  3. The tax treatment of ISAs may change.
  4. You may only invest in one Cash ISA in each tax year and your maximum amount of investment each year is £3,600 (this does not include any monies transferred from a previous scheme) and is subject to Inland Revenue limits.

Other Information

  1. A Scarborough Cash ISA can only be opened by an individual aged 16 or over who is 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 the Income Tax (Earning & Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the United Kingdom, or is married to, or in a civil partnership with, a person who performs such duties.
  2. The Cash ISA application form must normally be signed by the account holder. However, if the account holder is unable to complete the application form by reason of mental disorder or incapacity, or by reason of physical disability, illness or old age, we will accept an application form signed by someone legally appointed or authorised to act on behalf of the account holder. And if the account holder is suffering from a mental disorder we will also accept an application form signed by the account holder’s parent, guardian, spouse, son or daughter.
  3. The account can be held only in a sole name. Joint accounts are not permitted under Inland Revenue Regulations and the account cannot be transferred to another holder.
  4. The account is operated in accordance with prevailing rules and regulations and legislation which may, of course, be varied from time to time by the Government.
  5. In the event of you breaching the rules, regulations or legislation for Cash ISAs, or any of the terms and conditions of this Cash ISA causing the ISA to become void, the Society will immediately transfer the account to our no notice account and the appropriate interest rate will be backdated to when the Cash ISA was opened. Tax will be deducted at the appropriate rate, unless you are eligible to receive your interest without tax taken off by completing form R85, which is available from the Society on request. The account will be debited to recover any tax payable on the gross interest that has been credited. We will notify you of this breach at that time.
  6. The Cash ISA will cease to qualify for tax exemption from the date of death of the account holder. Interest earned will be treated as tax exempt until the date of death, but thereafter tax will be deducted at the appropriate rate.
  7. This is not a deposit based stakeholder product.
  8. The ISA investment will and must remain in the beneficial ownership of the investor. The account holder cannot assign their rights in the account or use them as security for a loan.
  9. Scarborough Building Society will satisfy itself that any person to whom it delegates any of his functions or responsibilities under the terms agreed with the investor is competent to carry out those functions and responsibilities.
  10. On the instructions of the investor and within the time stipulated by the investor, an ISA or part of an ISA, will be transferred to another ISA manager. (However, the time stipulated may not be less than 7 days.)
  11. On the instructions of the investor and within the time stipulated by the investor, all or part of the investments held in the ISA and proceeds arising from those investments shall be transferred or paid to the investor. (However, the time stipulated may not be less than 7 days.)
  12. The Society must notify the investor if, by reason of any failure to satisfy the provisions of the ISA regulations, an ISA has, or will, become void.
 
 
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