Time for a top-up?
If you've not yet made the most of your £20,000 tax-free ISA allowance for 2023/2024, you can top up your With Profits Stocks and Shares ISA quickly and easily online. You can add a lump sum of £500 or more at any time, or you can set monthly payments to maximise your allowance.
Bear in mind the value of investments and any income can go down as well as up, so you could get back less than you invest.
Transferring in from another ISA
If you have an existing ISA with another provider, you can transfer all or part of it to your With Profits Stocks and Shares ISA without affecting your ISA allowance. You can start the transfer process here.
You’ll need to transfer at least £500. If you want to transfer money you've invested during the current tax year, you must transfer all of it.
Even if you don't have a With Profits Stocks and Shares ISA yet, you can open one with a transfer. Just note in this case, the minimum transfer is £1,000.
Why continue to invest in your Stocks and Shares ISA?
The With Profits Fund is managed by a team that won Responsible Investor of the Year 2022 (Insurance Asset Risk Awards) and Investment Team of the Year in 2023.
While all investments are subject to market volatility, the With Profits fund aims to reduce the impact of sharp rises and falls in market returns by 'smoothing' the returns you receive. For a reminder on how smoothing works, please read the How Our With Profits Fund Works booklet.
When you top up online or by phone, you will not receive any investment advice or personal recommendation from us.
Prefer to explore your investment options?
If you would like personal financial advice to help you make informed investment decisions, you can book an appointment with a Specialist Financial Adviser from Wesleyan Financial Services. You will receive expert investment advice, tailored to your circumstances. Please note initial advice charges apply if you decide to take out a product or top up via an Adviser.
When you top up your ISA online without receiving advice, there’s no initial advice charge to pay on your top-up amount.
An ongoing Annual Management Charge (AMC) applies to all our Stocks and Shares ISAs. The charge you pay will depend on which version of the Stocks and Shares ISA you hold, and whether you are opted into the Ongoing Advice Service (OAS) provided by Wesleyan Financial Services.
Annual Management Charges (AMC)
v1 ISAs first opened on or before 30th December 2012
Annual Management Charge (AMC) with OAS - 1.5%
Annual Management Charge (AMC) without OAS - 1.0%
v8 and v9 ISAs first opened on or after 31st December 2012
Annual Management Charge (AMC) with OAS - 1.7%
Annual Management Charge (AMC) without OAS - 1.2%
Which version of the Stocks and Shares ISA do I have?
There are three versions of our Stocks and Shares ISA. If you have a v9 ISA, it will say 'v9' on your Plan Document and schedule(s). If it doesn't say this, you have a v8 ISA if you opened your account on or after 31st December 2012, and a v1 ISA if you opened your account before this date.
What is the OAS?
Opting in to our Ongoing Advice Service (OAS) means your Specialist Financial Adviser will provide pro-active advice and guidance on any relevant changes to taxation, regulations or your professional entitlement, to ensure this product (and any other Wesleyan products you hold) remains right for you.
ISAs and tax rules
Before topping up or transferring in to your Stocks and Shares ISA, please read the following information. This is based on current understanding of legislation and tax treatment, which can change in the future:
- You will have no personal Income Tax or Capital Gains tax to pay on income or growth within the With Profits Fund.
- For regular payments, the minimum monthly subscription is £50 per month. The minimum monthly increase for an existing regular payment is £10. For lump-sum payments, the minimum top up is £500.
- You can invest in a stocks and shares ISA, cash ISA, Innovative Finance ISA or a Lifetime ISA or combination of all four in the same tax year - subject to maximum investment limits (£20,000 overall, of which up to £4,000 can be invested into a Lifetime ISA in the 2023/24 tax year).
- If you invest in a Wesleyan Stocks and Shares ISA, you will not be able to invest in another stocks and shares ISA or Innovative Finance ISA during the same tax year (unless you transfer all of your current tax year investment from a Wesleyan Stocks and Shares ISA to another provider).
- You can change your mind about your top-up. Simply fill in the cancellation notice we send to you and return it to us within 30 days from the date you received it. If you cancel a top up, you may get back less than you paid in.
- If your spouse or civil partner died on or after 3 December 2014 you may be entitled to an additional ISA allowance called an Additional Permitted Subscription. Please speak to your Specialist Financial Adviser if this affects you.
The Key Features Documents (KFDs), Plan Documents and terms and conditions for each type of ISA are provided below. The KFDs apply for investments made without taking advice. For a copy of an advised KFD, please just ask your Specialist Financial Adviser.