虾聊红包扫雷an isa is a tax efficient way of saving or investing as all income and capital gains arising within an isa are exempt from any personal liability to uk income tax and capital gains tax.
there are four different types of isa:
a payment by you into an isa in any tax year is called a subscription. you can only subscribe to one of each type of isa per tax year.
the bp isa is a stocks and shares isa.
虾聊红包扫雷there are annual limits on the amount an individual may invest. you cannot subscribe to more than one of each type of isa per tax year.
Because of their tax advantages ISAs are subject to annual subscription limits. The overall ISA subscription limit is £20,000 for the 2020/21 tax year.
虾聊红包扫雷 You can subscribe to any combination of permitted ISAs in the same tax year, subject to the subscription limits and eligibility requirements for each type of ISA, but you cannot exceed the overall maximum ISA allowance of £20,000 for the 2020/21 tax year.
From 6 April 1999 BP introduced a Corporate Sponsored ISA in which investments are held in the form of BP shares; The BP ISA is a stocks and shares ISA. The Corporate Sponsored ISA Manager is HSBC Trust Company (UK) Limited. Investment into the BP ISA is covered by the Financial Services Compensation Scheme. For further information please see the pages detailing contacts and downloads on this website.
HSBC Trust Company (UK) Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our firm reference number is 119297. You can check this on the Financial Services Register by visiting the Financial Conduct Authority website www.fca.org.uk or by contacting the Financial Conduct Authority on 0800 111 6768.
you may open an isa by:
虾聊红包扫雷applications to open a bp isa in a particular tax year, which involve the sale of an existing shareholding must be received by the isa manager fully completed, and no later than 28 days before the end of the tax year. all other applications must be received no later than 14 days before the end of the tax year.
when you apply for a bp corporate isa or if you telephone or write to us to complete a transaction such as making an additional investment, you’ll need to ensure that you have read a new ‘costs and charges disclosure document’ relating to the corporate isa, before we can complete your instructions. where you telephone us, our team will ask you to confirm you have read this document before they can proceed with your investment. where you write to us, you’ll need to confirm as part of your instruction that you have read this document before we can proceed with your investment.
the isa manager will automatically reinvest cash dividends (less the isa manager's fee) within the isa, unless you choose to have them paid to you as income. all dividends will be paid in sterling. if you wish to receive the income you should either indicate this on the application form at the time of opening or transferring your isa or by writing to the isa manager after the isa has been opened or transferred. receiving dividends as income does not count as a withdrawal from the isa.
If BP shares are sold at a profit from within the BP ISA (when you make a total or partial withdrawal from the BP ISA) there will be no UK CGT liability, nor is there a need to declare any income or gains on your tax return. However, if any shares are sold at a loss within an ISA the loss cannot be used to offset against chargeable gains made on assets and/or instruments held outside of an ISA.
When existing BP shares are sold to provide cash to subscribe to the BP ISA, you may be liable for CGT. This may occur where the gain on that sale, together with any other chargeable gains (less any allowable losses) you have made in the same tax year, exceeds the annual exemption limit. It remains your obligation to inform HM Revenue and Customs of any gain on the sale of these BP shares.
The ISA Manager is not able to give advice on the application of this tax in individual circumstances.
an overview of the key activities, events and results in 2019, together with commentary on bp’s performance and our priorities as we move forward