Wealthtime Stocks and Shares ISA. Questions and Answers.

Stocks and Shares ISA.

What are the Aims of the ISA?

  • The Wealthtime ISA provides a tax efficient way of investing.
  • The Wealthtime ISA is a Stocks and Shares ISA. It allows you to invest in a wide range of collective funds through the Wealthtime Funds List. Please contact your financial adviser for further information on the Wealthtime ISA.
  • You can choose to take an income from the ISA while you continue to invest.
  • It enables you to benefit from potential capital growth and/or income from your investments over the medium to long term.

What is your Commitment?

  • There is no set term and you can invest for as long as you wish.
  • You can invest regular and/or single lump sums up to your allowance in a tax year.
  • You can stop or change your regular payments at any time.
  • You should regularly review your investments and the amount you pay with your Financial Adviser.
  • This type of investment should be viewed as a medium to long term investment.

What are the Risk Factors?

  • Past performance is not a guide to future returns. What you get back is going to depend on the performance of the investments you have chosen, and this will vary from day to day.
  • The value of your investment and any income from it can fall as well as rise, and is not guaranteed at any time. It could also fall below the amount you originally invested, particularly in the early years. Stocks that promise high returns could be at an increased risk of default.
  • Fees may change in the future, and this could reduce the value of your investment.
  • If you cancel your ISA during the cancellation period, you may not get back your original capital, as the value of the investments bought with your capital could have fallen.
  • Any foreign investments will be affected by fluctuations in currency exchange rates.
  • If you are transferring from an existing ISA manager, there could be exit penalties or other charges imposed by the transferring ISA manager.
  • If you withdraw money from your ISA, this will affect the amount of any income and capital growth you receive.
  • To maintain your income, you may not get back your original capital.
  • Any change in general interest rates could affect the value of your investment.

Is Wealthtime regulated to give advice?

Wealthtime is not regulated to provide investment advice to you, and you and your Financial Adviser are responsible for ensuring any investments made are in accordance with the rules.

How do I apply for the Wealthtime ISA?

You should contact your Financial Adviser for further information on how to apply and for further details of the Wealthtime ISA.

What could I get back if I cash in my ISA?

You will get back the value of your investments held in your ISA at the time the investments are sold. There is no guaranteed amount. The amount you receive will depend on the following factors:

  • How much you invested
  • The fund performance
  • Any fees
  • Any income or withdrawals you have taken
  • The Terms and Conditions of the investment.

If you want to cash in your ISA, please contact your Financial Adviser or Wealthtime.

Do I have cancellation rights under my Wealthtime ISA?

You have a right to cancel your ISA within 14 calendar days from the date when we have accepted your correctly completed application. Cancellation will relieve you from all other duties and obligations arising from the Terms and Conditions and you will not incur any cancellation fee, charge or penalty. For conditions relating to the cancellation please refer to the Wealthtime Terms and Conditions. Please note that the amount you will get back will be reduced by any market loss during the period when you make your initial investment and up until your investment is sold.

How will I know what my ISA is worth?

Every six months we will make available to you a statement of your wealth within your Wealthtime Private Client Service including the value of your ISA.

Will I pay tax on my ISA?

Interest on cash held in your Product Designated Bank Account with Barclays is paid gross and is not liable to tax. There is also no Capital Gains Tax on your ISA investments. You do not have to declare details of your income and capital gains on an ISA in your tax return.

You can take your money out at any time without losing tax benefits already obtained. Tax benefits depend on individual circumstances. This tax treatment may change in the future. We are unable to provide you with individual tax advice and if you need this you should speak to your Financial Adviser.

What fees can I expect?

Our Fees in respect of your ISA are described in the Wealthtime Fees Schedule. Please refer to this Schedule for further information or ask your Financial Adviser.

Where are the Wealthtime fees in respect of my ISA deducted from?

Our fees can be paid from your Personal Investment Portfolio (PIP). The fees may also be paid from within your ISA fund.

On your or your Financial Adviser’s request we can take the Fees in respect of your ISA from your designated Personal Investment Portfolio (PIP) bank account, if one is in place or from an external source. External payments must be paid within 30 days of invoice or the monies will be deducted from funds held by ourselves. If the fees are deducted from the PIP it is necessary to ensure that sufficient cleared funds are available in the designated Product bank account to meet any prospective Fees. In this respect, Wealthtime reserves the right to realise investments held to pay outstanding Fees if insufficient cash funds are available.

Who can invest in a ISA?

Anyone aged 18 and over, who is resident for tax purposes in the UK, or is a non-resident but working for the Crown or married to someone who is, can open an ISA. If you cease to be resident during a tax year and have already made subscriptions these will need to be returned.

What type of ISA account does Wealthtime provide ?

The Wealthtime ISA is a Stocks and Shares ISA in which you and your Financial Adviser make the investment decisions.

How much can I invest in an ISA?

You can invest up to £20,000 for the tax year 2017/2018 in a Stocks & Shares ISA. The subscription for a Junior ISA (JISA) for the tax year 2017/2018 is £4,128.

Can I replace monies that I have withdrawn?

Yes, we can accommodate the new flexibility rules that came into effect from 6th April 2016. This means that withdrawals made and replaced within the same tax year will not affect your annual limit.

Junior ISA

The Wealthtime Stocks and Shares JISA is available to children of existing Wealthtime clients. Please note only one Stocks and Shares JISA is available per child and automatically ceases when the child reaches age 18.

How can I monitor the performance of my investments in my ISA?

You can access and view your ISA account online at www.wealthtime.co.uk.

How are the assets registered?

Assets in the Wealthtime ISA are registered in the name of Wealthtime Trustees Limited as nominee/trustee.

Do I receive interest on cash held in my Wealthtime ISA account?

Yes, cash that is pending investment does earn interest. Interest on cash held in the Stocks & Shares ISA is paid gross and is not liable to tax. The gross interest rate is currently 0.25% below base rate. Interest rates are subject to variation. Interest is credited quarterly.

What investments can I hold in my Wealthtime ISA?

ISAs are Government regulated, so you can only deal on certain types of market. You and your Financial Adviser will need to check that the investment fund you want to place in your ISA is eligible before commencing any trades on these accounts. The Wealthtime ISA is only able to hold those investment funds that can be held within the Wealthtime Funds List. Your Financial Aviser will deal through Wealthtime Online when placing trades. You may also hold cash in your Wealthtime ISA.

Can I transfer an ISA held with another provider to Wealthtime?

If you are transferring an existing ISA to Wealthtime from another plan manager, you will have to complete an application form. Please contact your Financial Adviser for further details.

You will be able to transfer some or all of your Cash ISA savings from previous years or the current tax year into a Stocks & Shares ISA, without affecting your annual ISA allowance. Transfers from a Stocks and Shares ISA into a Cash ISA are also permitted but any investments must first be encashed.

Can an ISA be inherited from a deceased spouse or civil partner?

Where an ISA holder dies after 3rd December 2014 a surviving spouse can "inherit" their ISA by being given an additional one-off allowance equal to the value of the ISA at the date of death, on top of their own annual allowance, irrespective of whether the ISA is left to the surviving spouse by the deceased. The additional subscription must be made within 3 years of the date of death or 180 days after the administration of the estate is completed, whichever is later.

The surviving spouse must already have or must open an ISA with the deceased's ISA provider (Wealthtime) to take advantage of this provision which came into effect from 6th April 2015.

Do I need to open a new ISA every year?

You do not need to re-apply for an ISA if you subscribed to an ISA of the same type with Wealthtime the previous tax year. However if you do not subscribe to your account for an entire tax year, you will have to complete a new declaration if you want to continue with the ISA in subsequent years.

What happens to my ISA if I move abroad?

You will still be able to continue dealing on your ISA account, but you won’t be able to add any more cash to your ISA if you are no longer a UK resident. If you become resident in the USA there are additional restrictions.

Can I use my business funds to subscribe to an ISA?

No, all cheques received must be in your name only.

What if I have a complaint?

If your complaint is about the service you have received from Wealthtime, please write to Mr Colin McCarthy at the address shown in the ‘Contact Us’ section of the website. You can ask us for a copy of our complaints procedure at any time. We must deal with it within 8 weeks. If you are not satisfied with the way we deal with your complaint you can contact:

The Financial Ombudsman Service
Exchange Tower
London
E14 9SR
Telephone: 0800 023 4 567

Any complaint regarding the advice given to you by your Financial Adviser should be referred to them for review under their own complaints process, details of which should already have been provided by them.

If you have a complaint regarding an individual investment, this should be directed to the individual fund manager concerned and again, details should be provided by your Financial Adviser. Making a complaint will not affect your legal rights. For more information, you will find our Complaints Leaflet in the Literature Library.

Can I claim compensation?

If you make a valid claim against us in respect of your investments and we are unable to meet our liabilities in full, you may be entitled to redress from the Financial Services Compensation Scheme (FSCS) by which we are covered and which enables an individual and small business to claim for 100% of any loss up to £50,000. We will send you details of the cover provided by the Scheme on request.

The individual Product Providers for your underlying investments may themselves offer protection under the FSCS in respect of their products held within your individual Products. Please enquire of your Financial Adviser or the product providers for further information.

In respect of the Bank Account(s) these are held with Barclays which is covered separately by the FSCS. The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors including individuals and small businesses are covered by the scheme and an eligible depositor is entitled to claim up to £85,000, from 30th January 2017. The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with Barclays including their share of any joint account and not to each separate account. For further information about the scheme including the amounts covered and eligibility to claim please refer to the FSCS website at www.fscs.org.uk.

Where can I see the Terms and Conditions?

The Terms and Conditions are available in the Literature Library and are subject to change in the future.

The Wealthtime Private Client Service is administered by Wealthtime Limited, which is authorised and regulated by the Financial Conduct Authority.
Wealthtime recommends that before making a decision regarding this service and the investments you should contact your Financial Adviser.

Wealthtime Limited, The Oak House, Barford Lane, Downton, Salisbury, Wiltshire SP5 3QA T: 01725 512925 E: admin@wealthtime.co.uk

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