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Statements
If you’re looking to understand your quarterly or costs and charges statements, we’re here to help.
Quarterly statements
How do I use my statement to fill out my tax return?
Unfortunately we do not provide tax advice. If you need advice, contact:
- an appropriate professional financial adviser
- your local Tax Office
There may be a charge for this service. Any tax treatment depends on your personal circumstances and may change in the future.
What is my book cost and how is it calculated?
The book cost is the total original cost including charges. If you have only made purchases on one stock, the book cost will be the total of those purchases.
When stock is sold from that total, the percentage of the stock sold is taken from the total of the amount paid.
For example:
- Bought 100 LLOY for £100
- The book cost would be £100 for 100 shares
- Bought another 100 LLOY for £200
- The book cost would be £300 for 200 shares
- Sell 100 shares (this is 50% of the number of shares)
- The book cost would be £150 for 100 shares.
Please note, book costs can be affected by corporate actions and transfers into your account.
What is stock valuation?
The stock valuation gives you detailed information on your stock holdings in your account. The information is based on the close of business prices applicable to the statement period.
The valuation includes all stock held in your account. Any stocks you sold before the statement period end date are not included.
This does not include information about accrued interest on interest bearing stocks. You can get this by contacting us using the telephone number on the covering letter that came with your statement.
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Tax certificates cover a whole tax year from April to April, and are published shortly after the tax year end, usually in May.
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We can change your book cost if you have made a transfer or certificate deposit. Your book cost can't be changed for sales or purchases. We can't accept requests by email.
You can change your book cost by logging in and starting a chat.
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The market prices is the closing price of investments on the valuation date. For shares, the closing price is calculated and published by the London Stock Exchange or relevant exchange and is always shown in sterling.
For Unit Trusts, the price quoted will be the last bid price issued by the fund manager. For Open Ended Investment Companies (OEICs), the price will be the last single price issued by the fund manager.
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This is the date specified on your trade confirmation or in the Cash Movements Schedule.
This relates to the date that the trade was settled, not the execution date.
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This is a summary of the valuation of your account.
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The Cash Movement Schedule summarises the movements of money and stock as a result of a purchase or sale, cash payments in and out of your account and interest and fees paid.
It includes trade information about:
- payments for purchases
- sales
- corporate actions
- dividends received on your investments.
For sales and purchases, the information is based on the settlement date.
Debits (DR) - the amount shown is the amount you have paid including dealing charges and tax.
Credits (CR) - the amount you receive after dealing and other charges have been deducted.
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This is a summary of all other transfers of stock in and out of your account and includes corporate actions.
If the transaction type is ‘miscellaneous transfer’, it will be one of the following which you should have received details of previously:
- stock transferred into or out of your account
- certificates that have been deposited into or withdrawn from your account
- a corporate action
- an error correction.
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This is the value of the cash held in your account.
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This is the value of all the stock and cash held in your account.
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This is the overall profit or loss for all your shares as a % of the book cost.
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Contact us on 0345 070 7129 for help with this process. Make sure you have your most recent statement and your PIN.
We can accept a written instruction for this if:
- your account does not contain any stock or cash
- the instruction is signed by you.
Write to:
Customer registration and support
Scottish Widows Share Dealing
12 Wellington Place
Leeds
LS1 4AP -
This could be because the stock has been delisted or is an untraded asset.
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We do not pay you interest on cash balances held within your ISA or Share Dealing Account.
Cash balances
Any uninvested cash is held in a cash management account, which is part of your Share Dealing Account or ISA. This is not a bank account. We hold this uninvested cash in line with FCA rules, for your protection.
We receive interest payments, which vary, depending on the total balance held and market interest rates.
Interest retained is used to develop our products and services.
How much cash should I hold?
There is no requirement to hold a minimum balance. You should make sure that there is enough cash held to cover charges, when they are due.
The Self-Invested Personal Pension (SIPP) will pay interest on any cash balance of £1 or above held in the account. Interest is accrued daily and paid gross annually in March. The interest rate payable on our Self-Invested Personal Pension (SIPP) is variable at 3.00% (Gross/AER).
The current rates that are applicable are shown below.
SIPP interest rates Balance
Interest Rate (Gross)/AER
Date Effective
Balance
£1 and above
Interest Rate (Gross)/AER
3.00%
Date Effective
28/08/2025
Balance
£1 and above
Interest Rate (Gross)/AER
3.55%
Date Effective
31/08/2023
Balance
£1 and above
Interest Rate (Gross)/AER
2.65%
Date Effective
23/03/2023
Balance
£1 and above
Interest Rate (Gross)/AER
2.45%
Date Effective
19/01/2023
Balance
£1 and above
Interest Rate (Gross)/AER
1.30%
Date Effective
07/10/2022
Interest rates are subject to variation.
AER (Annual Equivalent Rate) - this illustrates what the interest rate would be if interest was paid and compounded once each year.
Gross rate means we will not deduct tax from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to HM Revenue and Customs (HMRC).
Cost and charges statements
How are my charges paid?
The charges are paid in different ways depending on what the charge is and who has made it.
When buying shares, your dealing commission and any other transaction charges will be added to the total cost of your purchase. Our administration charges are usually collected either from your nominated bank account or your share dealing account depending on how your account is set up when the fee is payable.
Charges by the investment manager are different to our ongoing charges. They are built into the investment and are taken out of the fund or investment itself. These charges are in the Key Investor Information Document (KIID) for the investment, or by contacting the investment manager. The charges are usually shown as a percentage. We have included the amounts on the statement as a monetary amount.
What is included in the miscellaneous charges?
This section of your statement includes additional charges you have occurred throughout the statement period.
These charges could include:
- transferring out
- cheque withdrawal
- copy Consolidated Tax Certificate (CTC) or tax vouchers
- ad-hoc statements and valuations
- voiding ISAs, ISA repairs
- CHAPS payments
- failed payments such as cheques or failed Direct Debit Instruction (DDI)
- certificate withdrawal requests.
What are the other costs?
These costs are not paid to Scottish Widows share dealing, but are incurred when you trade in investments and include taxes, levies and estimated transaction costs.
How can I reduce how much I pay in fund charges?
If you’re not happy with the ongoing charges on your investments and would like to move your money into something with lower charges, you can use our Funds Centre to filter thousands of funds and view other options.
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No, you’ll get a costs and charges statement and your usual account statement.
The costs and charges statement outlines all the costs and charges.
You will continue to receive account statements on a quarterly basis.
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Some charges will be paid to Scottish Widows Share Dealing, while others will be paid to the investment managers. The cost and charges statement will break this down for you.
- Scottish Widows Share Dealing charges are always provided to you when you place trades, or when we apply additional charges.
- Charges paid to the investment managers can be found on the Key Investor Information Documents (KIID) for funds and the Key Information Documents (KID) for other investments such as investment trusts.
The breakdown of charges and where they were paid is shown on the total costs and changes section.
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Scottish Widows Share Dealing charges can be found on our website.
- Charges paid to your investment manager are shown in the documents for each fund or trust.
- If you have any questions about the charges paid to the investment manager, you should contact them directly.
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This table shows the stock movement in and out of your account, it doesn’t take into account any cash that you have.
Stock movement in and out of your account A
The value of stock at the start of your statement period.
B
Any stocks movement (inwards) for example, a purchase of shares you have made during the year.
C
The total of the value (A) and stock movements in (B).
D
Any movement of stock out of your account – for example, sales or transfers out.
E
The value of your stock at the closing point of your statement.
F
Your return this period, also known as the profit or loss. We work this out by adding the outward movement of stock (D) to the total investment value at the end of the statement period (E). We then deduct the total investments for this period (C).
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This is the total profit and loss for the period of your statement.
Your return is the stock value on the closing date of the statement (E), plus the value of the sales you made and of any stock moved out of your account (D). We then deduct the total investments for this period (C).
Your return does not include dividends where you have taken the cash and paid it out to your bank account.
We show this to help show how the investments you’ve made performed in the statement period.
What does "return this period" mean? A
The value of stock at the start of your statement period.
B
Any stocks movement (inwards) for example, a purchase of shares you have made during the year.
C
The total of the value (A) and stock movements in (B).
D
Any movement of stock out of your account – for example, sales or transfers out.
E
The value of your stock at the closing point of your statement.
F
Your return this period, also known as the profit or loss. We work this out by adding the outward movement of stock (D) to the total investment value at the end of the statement period (E). We then deduct the total investments for this period (C).
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We’ve not been able to include cash movements or dividend payments within this statement.
Dividend payments are included in your annual consolidated tax certificate, which will be issued alongside your statement in May of each year.
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Your statement will include all of the investments you have made over the previous year, which runs from 6 January to 5 January.
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This shows what you’ve paid out from your share dealing account and estimates what you could have made if the charges hadn’t been paid.
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The third table shows the estimated effect of charges on your investment return (the profit and loss figure for the period).
This is an estimate because the way investment managers apply their charges can vary, and we can’t be certain what you might have done if there were no charges.
The estimated effect of charges on your investment return (the profit and loss figure for the period) A
The value of stock at the start of your statement period.
B
Any stocks movement (inwards) for example, a purchase of shares you have made during the year.
C
The total of the value (A) and stock movements in (B).
D
Any movement of stock out of your account – for example, sales or transfers out.
E
The value of your stock at the closing point of your statement.
F
Your return this period, also known as the profit or loss. We work this out by adding the outward movement of stock (D) to the total investment value at the end of the statement period (E). We then deduct the total investments for this period (C).
G
Is your percentage return (profit and loss) for the statement period. We work this out by dividing your return (F) by your total asset investments (C).
H
We calculate this figure by applying your percentage return (G) to the total charges you paid, to work out how much this amount might have changed had the charges not been paid. We then add the total charges paid, plus the amount the charges would have grown, to your return (F). We do this to show how charges have affected your return in the period, so you can compare this to what you actually have.
I
Your return this period, also known as the profit or loss. We work this out by adding the outward movement of stock (D) to the total investment value at the end of the statement period (E). We then deduct the total investments for this period (C).
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We calculate these charges based on the value of your investment throughout the year, or the period in which you held it during the year and the information from the investment managers showing the percentage charges for each fund or trust.
Because investment managers will calculate and apply their charges differently, and do not provide exact monetary amounts charged for each investor, the amount you will have actually paid may differ from the amount we’ve calculated.
We show our calculation to illustrate how much your chosen funds or trusts have cost you.
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Whenever you place a trade, you will pay a dealing charge which we provide you before any trade.
Dealing charges Trade
Dealing charge
Trade
Online dealing commission
Dealing charge
£5
Trade
Telephone dealing commission
Dealing charge
£5
Trade
Stamp duty
Dealing charge
0.5% of the value of the investments you buy (1% on Irish stocks).
You won’t pay any Stamp Duty on AIM stocks or Exchange Traded Funds.
Trade
PTM levy on trades over £10,000
Dealing charge
£1.50 per applicable trade.
When you buy or sell UK shares and the trade value is more than £10,000, you pay a £1.50 levy to the Panel of Takeovers and Mergers.
Trade
Spanish Transaction Tax
Dealing charge
0.2%
This is an additional tax payment when you buy some Spanish stocks e.g. Banco Santander and International Consolidated Airlines Group.
Trade
Foreign exchange conversion rate charge on international trades
Dealing charge
1.5%
We adjust the available exchange rate by this percentage when you buy and sell international shares.
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A currency conversion must be made for an international trade, either from GBP into a foreign currency to buy, or from a foreign currency into GBP to sell.
As our fee, when we do this we add 1.5% to the exchange rate for buys, and take away 1.5% for sales.
An indicative exchange rate will be shown prior to trading and the final rate will be shown once the trade is completed.
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Implicit transaction costs are not paid to us, but are incurred when you trade in any investment, which has one price to buy, and another to sell. This is a normal function of any market. The price to buy will usually be higher than the price to sell, with the mid-point between the two known as the mid-price.
The implicit transaction cost for a purchase is the price to buy, minus the mid-price, for a sale it is the mid-price minus the price to sell. We show this difference as a cost to make it clear that each trade you place will always involve a cost.