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