Revolut Trading Ltd - Stocks and Shares ISA Terms

1. Introduction

These terms and conditions supplement the Terms of Business Omnibus of Revolut Trading Ltd ("we", "us", "our" or "Revolut Trading") and contain additional terms that apply to an investment account opened with Revolut Trading as a Stocks and Shares ISA ("Revolut Stocks & Shares ISA").

To open a Revolut Stocks & Shares ISA, you must accept these terms and conditions (“Stocks and Shares ISA Terms”) in addition to the remainder of your customer agreement with us. The Stocks and Shares ISA Terms will then form part of your customer agreement with Revolut Trading, which also includes our:

Where there is any inconsistency between the Stocks and Shares ISA Terms and the remainder of your customer agreement with us, the Stocks and Shares ISA Terms prevail.

Any terms that are not defined within these Stocks and Shares ISA Terms shall have the same meaning given to them in our Terms of Business Omnibus.

2. Our status

We are approved by His Majesty’s Revenue and Customs (“HMRC”) to act as an ISA manager. We will operate your Revolut Stocks & Shares ISA in accordance with The Individual Savings Account Regulations 1998 ("ISA Regulations").

3. Who can open a Revolut Stocks & Shares ISA

To open a Revolut Stocks & Shares ISA you must be an individual aged eighteen (18) years or over and be either:

resident in the UK;
working as a Crown employee serving overseas and paid out of the public revenue of the UK (typically a serving member of the armed forces or a diplomat); or
married to, or in a civil partnership with, a Crown employee.

You need to notify us immediately if you no longer meet any of the criteria above. Money you add to an ISA is called a “subscription”. If you no longer meet any of the criteria above, you will not generally be able to make further subscriptions into your Revolut Stocks & Shares ISA, although some exceptions are permitted under the ISA Regulations.

4. How much can you add to your Revolut Stocks & Shares ISA

Subscriptions to your Revolut Stocks & Shares ISA in any tax year (6 April to 5 April) must not exceed your overall yearly ISA limit across all Cash, Stocks and Shares, Lifetime, or Innovative ISAs you hold. The ISA limit is specified by HMRC each tax year and will be notified to you via our investment platform. If you subscribe to ISAs held with other ISA managers, you are responsible for ensuring that you do not exceed the overall ISA subscription limit.

5. Opening a Revolut Stocks & Shares ISA

To apply for a Revolut Stocks & Shares ISA you need to complete an application form and declaration. Both of these are made available to you in our investment platform.

Your Revolut Stocks & Shares ISA will be opened after we have reviewed and accepted your application form. We can refuse any application to open a Revolut Stocks & Shares ISA.

We will renew your Revolut Stocks & Shares ISA at the beginning of each subsequent tax year, unless you tell us otherwise. The declaration you made when applying for your Revolut Stocks & Shares ISA will have effect for each subsequent year until your Revolut Stocks & Shares ISA is closed.

6. Investments that can be held in your Revolut Stocks & Shares ISA

Only cash or investments permitted under the ISA Regulations ("qualifying investments") can be held in your Revolut Stocks & Shares ISA.

We may make fractional trading in qualifying investments available to you, which means that you can hold fractional shares in your Revolut Stocks & Shares ISA. Your fractional shares give you a beneficial interest to part of the qualifying investment which is in proportion to the amount you have contributed to the purchase of that investment.

In addition to our obligations under the Terms of Business Omnibus (such as best execution), under the ISA Regulations we are also required to ensure that purchases of qualifying investments for your Revolut Stocks & Shares ISA will be:

in the case of units in an authorised fund, at the dealing price given by the fund's manager (in accordance with FCA requirements); and
for other qualifying investments, at the price for which those investments might reasonably be expected to be purchased in the open market.

In the case of fractional shares, the purchase price shall be proportionate to the size of your fraction relative to the whole share.

Where you earn any dividends or other cash proceeds from your Revolut Stocks & Shares ISA investments, then those proceeds can be held as cash in your Revolut Stocks & Shares ISA or can be used to acquire further qualifying investments.

The qualifying investments held in your Revolut Stocks & Shares ISA might change due to a corporate action, such as a takeover, demerger, capital reorganisation (other than a rights issue or bonus issue), rights issue, or bonus issue.

Where the new investments are not qualifying investments, they cannot be held within your Revolut Stocks & Shares ISA. In this case, we must, within thirty (30) calendar days of the date on which they became non-qualifying investments, either:

sell them (in which case the proceeds can remain in your Revolut Stocks & Shares ISA); or
transfer them to you to be held outside your Revolut Stocks & Shares ISA if they are able to be held under our Terms of Business Omnibus.

7. Ownership of investments

Title to investments held in your Revolut Stocks & Shares ISA (including any whole investments of which you own a fractional share) shall be held in the name of:

Revolut Trading Ltd;
any nominee we or our sub-custodians use; or
jointly in your name and in the name of Revolut Trading Ltd or a nominee.

Any share certificates or other documents evidencing title to investments in your Revolut Stocks & Shares ISA (including whole investments of which you own a fractional share) will be held by us or as we may direct.

All investments in your Revolut Stocks & Shares ISA must be, and must remain, beneficially owned by you and you should not create any security or charge over them or use them as security for any loan. In the case of any fractional shares, you will be beneficial owner of a part of the actual share instrument in proportion to your fractional interest.

Any cash in your Revolut Stocks & Shares ISA will be held by us as client money in accordance with the Terms of Business Omnibus and in a client money account with a credit institution which is designated as an ISA account under the ISA Regulations. As explained in section 14 (Client money) of our Terms of Business Omnibus, we will not pay you any interest earned on the client money that we hold for you.

8. Transfers

We do not currently accept transfers into your Revolut Stocks & Shares ISA from another ISA manager.

You may transfer all or part of the investments outof your Revolut Stocks & Shares ISA to a new ISA manager at any time. To do so, you will need to complete a transfer authority form from your new ISA manager, who will then request the transfer from us.

We will effect a transfer to the new ISA manager in cash. This means that, before the transfer, you will need to liquidate the relevant investments in your Revolut Stocks & Shares ISA. We will then transfer the proceeds to your new ISA manager, subject to the deduction of any fees where appropriate.

We will process any transfer from your Revolut Stocks & Shares ISA within 30 days of receiving the request from your new ISA manager. When your transfer concerns units in authorised funds and dealing in those units has been suspended, we may delay a transfer of these investments until seven (7) days after the suspension period has ended.

9. Withdrawals from your Revolut Stocks & Shares ISA

You may at any time instruct us to make withdrawals from your Revolut Stocks & Shares ISA. Withdrawals are made in cash, so part or all of your investments will be sold in accordance with your instructions and the proceeds will be paid to you subject to the deduction of any fees where appropriate.

Your Revolut Stocks & Shares ISA is a flexible ISA. This means that you can replace cash withdrawn from your Revolut Stocks & Shares ISA without that replacement counting towards your annual ISA limit.

We will aim to process any withdrawal from your Revolut Stocks & Shares ISA within five (5) days of receiving your instruction, and in line with section 25 (Settlement) of our Terms of Business Omnibus. When your withdrawal instruction concerns units in regulated funds and dealing in those units has been suspended, we may delay a transfer of these investments until 7 days after the suspension period has ended.

Unless otherwise instructed, we will pay withdrawals into your Revolut current account maintained with your Revolut account offering entity.

10. Closing your Revolut Stocks & Shares ISA

You can close your Revolut Stocks & Shares ISA at any time. We will carry out your request within 30 days of receiving your instructions.

We will let you know if your Revolut Stocks & Shares ISA has or will become void due to any failure to meet the ISA Regulations.

We can close your Revolut Stocks & Shares ISA:

immediately in writing if HMRC ask us to;
by giving at least 30 days’ notice if: we intend to transfer your Revolut Stocks & Shares ISA to a successor ISA manager, subject to section 45 (Our right to transfer the agreement) of our Terms of Business Omnibus; we are entitled to terminate the customer agreement with you under the Terms of Business Omnibus; or you are in a material breach of these Stocks and Shares ISA Terms;

by giving at least sixty (60) days’ notice.

When we have given you notice to close your Revolut Stocks & Shares ISA, you have the right to transfer it to another ISA manager. We must receive a request to transfer your ISA within 30 days of our notice or, where applicable, before the end of the 60 days’ notice period. If we do not receive a request within that time, we will proceed to closing your Revolut Stocks & Shares ISA by selling your investments and transferring the proceeds into your Revolut current account, which is maintained with your Revolut account offering entity. This means the investments will lose their tax free status.

These Stocks and Shares ISA Terms will continue to apply until all transactions and liabilities have been settled.

11. Reports and voting

On your written request submitted via the Revolut app, and where such information is available, we can arrange for you to receive copies of any annual reports or accounts issued by a company or other entity in which you hold investments in your Revolut Stocks & Shares ISA.

Without prejudice to the Terms of Business Omnibus, on your express request we will arrange for you to:

attend any meetings of investors or exercise any voting rights attaching to investments held in your Revolut Stocks & Shares ISA; and
receive any additional information issued to investors.

We reserve the right to charge a fee for meeting any request you make under this section.

If you hold fractional shares in your Revolut Stocks & Shares ISA, then our obligations under this section only apply to the extent that you hold whole shares as a result of your aggregated fractional interests.

12. Delegation of our functions

Where we delegate the performance of any of our functions or responsibilities under these Stocks and Shares ISA Terms to another person, we will satisfy ourselves that such person is competent to carry out those functions and responsibilities.

13. Fees and charges

Any fees and charges incurred in relation to your Revolut Stocks & Shares ISA will first be deducted from cash in your Revolut Stocks & Shares ISA.

You should ensure there is sufficient cash in your Revolut Stocks & Shares ISA to pay all fees and charges. In the event that there is insufficient cash in your account to pay amounts due to Revolut Trading, then we may instead sell assets held within your Revolut Stocks & Shares ISA to cover such amounts.

14. HMRC

You authorise us to contact HMRC on your behalf as reasonably required for us to comply with the ISA Regulations.

15. Death

Following notification of death and subject to the next paragraph in this section, your Revolut Stocks & Shares ISA will remain open until the earliest of:

your executor closes it;
the administration of your estate is completed; or
three (3) years from the date of your death.

Following your death, no further subscriptions can be made into your Revolut Stocks & Shares ISA, and no transfer will be permitted unless we have given notice to close the Revolut Stocks & Shares ISA.