About investing in this ISA
- My Choice (ISA) allows you to continue investing with Scottish Friendly; it is a medium to long term investment which means it should be held for at least 5 years, and ideally 10.
- My Choice ( ISA) is available to UK residents over the age of 18. Those transferring a Child Trust Fund can apply to open an My Choice ISA and this will happen on their 18th birthday, once all required identity checks have been completed.
- As with all investments, it's important to be aware that the value can go down as well as up, so you could get back less than you've paid in.
About tax and ISAs
- Tax treatment depends on individual circumstances. Tax law may change in the future.
- Tax-free means the policy grows free of income or capital gains tax (other than tax that's already paid i.e. on dividends from UK shares).
- There are four different types of ISA - Investment ISA, Cash ISA, Innovative Finance ISA and Lifetime ISA - and you can have one of each in the current tax year.
- The current ISA limit is £20,000 and this is the total you can invest across all types of ISA each year. Child Trust Fund transfers do not count towards that limit.
If you want more information about the different types of ISAs, our guide might help: