Where such a situation arises, HMRC regulations require IBUKL to remove the non-qualifying investments from the ISA account within 30 calendar days. To do this IBUKL will open a non-ISA account in your name if you do not have one already open and you may be asked to complete that application.
Once the non-ISA account is opened, IBUKL will transfer the non-qualifying investments to ensure we continue to operate your ISA account in accordance with HMRC regulations. If you already have a non-ISA account with IBUKL, then the non-qualifying investments will be transferred to your existing account.
Additional Information