UK investing · August 2026
ISA platforms for US shares compared — what matters and the latest options
Capital at risk. The value of investments can fall as well as rise, and you may get back less than you put in. Past performance is not a guide to future returns.
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Important: This guide provides general information, not personalised financial advice. Financial products, rates and eligibility rules can change, so check the provider’s current terms before applying. You can check a firm’s details on the FCA Register.
Quick comparison
Can you hold US shares in a UK Stocks and Shares ISA? Yes — qualifying US shares can sit in an ISA, but “commission-free” doesn’t mean free. FX usually becomes the biggest cost: in our £20,000 illustration, approximate all-in costs ranged from about £20 to £351 a year (as of 30 August 2026).
You’ll also need a W-8BEN form so US dividend withholding is applied at the treaty rate. Capital is at risk.
Scenario A on a £20,000 lump sum, as of 30 August 2026. Some rows are incomplete where fees were not stated. Capital is at risk.
Want to hold US shares in an ISA without big FX costs? Check the current offers →
What we looked at (30 August 2026)
The table is ordered by Scenario A approximate all-in cost, lowest figure first. That is a dated illustration, not a guide to who to use.
Figures are ordered by approximate cost on this dated illustration. FX is shown with the same prominence as dealing and custody.
ETF-only platforms (Vanguard, InvestEngine) are excluded. eToro’s DIY ISA is not in this table because its fee lines were not confirmed as of 30 August 2026. Halifax and iWeb are not in this table.
UK platforms that can hold US shares in a Stocks and Shares ISA (as of 30 August 2026). Scenario A all-in is an illustration.
| Platform | Scenario A all-in (illustration) | FX | Custody / dealing | Transfer-out / other |
|---|---|---|---|---|
| Lightyear | about £20 | 0.10% | Not stated beyond FX | Not stated |
| Trading 212 | about £30 | 0.15% | £0 dealing | Fractionals sold on a full ISA transfer-out |
| IG | Not stated | Not stated | Not stated beyond FX | Not stated |
| Dodl | about £180 | Not stated | Not stated | Not stated |
| Freetrade Basic | about £198 | 0.99% | £0 dealing | US transfer-out £17 per holding |
| AJ Bell | about £252 | 0.75% / 0.50% / 0.25% (tiered) | Shares custody cap £42/year | Not stated |
| Interactive Investor Core | about £270 | 0.75% | £5.99/month; US dealing £3.99 | Not stated |
| Barclays | about £278 | Not stated | Custody £0 from 31 May 2026 | Not stated |
| Fidelity | about £310 | Not stated | £90/year if the pot is under £25,000 without a regular savings plan | Not stated |
| Hargreaves Lansdown | about £351 | 0.99% / 0.50% / 0.20% (tiered); dividend FX 1% | 0.35% on shares, cap £150/year from 1 March 2026 | Transfer-out £0 |
Some links in this table are referral links. We may earn a commission if you use them, at no extra cost to you. Rankings are based on our review methodology, not commission.
Scenario A is an approximate all-in illustration on a £20,000 lump sum (as of 30 August 2026).
Figures are not a prediction of what any reader would pay. Capital is at risk.
Lightyear, IG, Dodl, Barclays and Fidelity rows have dealing and/or FX marked “Not stated”. Those Scenario A figures are incomplete illustrations, not full all-in costs.
Trading 212 FX: this table uses 0.15%. Another published figure of 0.7% also exists. Confirm the live FX rate with the platform.
Who each option suits
- Lightyear may suit you if you want the lowest FX as of 30 August 2026.
- Trading 212 may suit you if you want £0 dealing and low FX.
- Freetrade Basic may suit you if you already use it and buy US shares rarely.
- AJ Bell may suit you if you hold larger amounts where its tiered FX and £42 custody cap help.
- Interactive Investor may suit you if a flat monthly fee suits a larger pot.
- Hargreaves Lansdown may suit you if you already hold investments there and buy US shares occasionally.
Who should look elsewhere
- Anyone who may need the money soon — capital is at risk
- People who trade often and haven’t checked FX on each trade
- Anyone expecting an ISA to remove US withholding tax
- People wanting personal advice — speak to a regulated adviser
Full explanation
Platform fees in the tables: 30 August 2026.
People looking to buy US shares in ISA accounts are usually asking whether a UK Stocks and Shares ISA can hold NYSE or Nasdaq shares, and what FX and platform fees add up to.
A UK Stocks and Shares ISA can hold qualifying US shares. That does not turn it into a US IRA, and it does not make dealing “free” just because the commission line is £0.
This guide covers what can go in, how US dividends are withheld, and how FX and platform fees actually add up. It is information, not a recommendation to open or transfer an account.
What US shares can sit in a UK Stocks and Shares ISA
A Stocks and Shares ISA is a UK tax wrapper. Gains and UK-taxable income inside it are not charged UK income tax or capital gains tax.
It is not a US individual retirement account. Holding Apple or Microsoft in an ISA does not change that.
Not every US ticker qualifies. Platforms that offer US share dealing in an ISA typically allow shares listed on major markets such as the NYSE and Nasdaq.
OTC and “pink sheet” stocks are a different category and are not treated as the same thing. If a name only trades over the counter, do not assume it can go in the ISA.
US-listed ETFs and UK-listed funds that hold US companies are also common ISA holdings. This article is about platforms that can deal US shares, not ETF-only accounts. Vanguard and InvestEngine are ETF-only, so they are not in the US-share fee table.
Stocks and Shares ISA allowance 2026/27 (and the 2027 Cash ISA cap)
For 2026/27 the ISA allowance is £20,000 across ISA types. All of it can go into a Stocks and Shares ISA. None of it has to go into cash.
A planned £12,000 Cash ISA cap for people under 65 starts from 6 April 2027. That rule is not in force now.
It is a Cash ISA limit. It does not cap Stocks and Shares ISAs.
W-8BEN and US dividend withholding
The ISA is a UK wrapper. It does not switch off US withholding on dividends from US companies.
As a matter of US tax, dividends paid to non-US investors are often withheld at 30%. The UK–US tax treaty can reduce that to 15% on qualifying dividends where the treaty rate applies.
UK platforms commonly collect a W-8BEN so the treaty rate can be used. We do not walk through completing that form, or reclaiming withholding.
Withholding is US tax. Confirm the live rate with the platform. This is not tax advice.
Custody, dealing and FX: what “commission-free” can still cost
“Commission-free” US dealing is not the same as cheap. FX is often the line that dwarfs the dealing commission, especially on a lump-sum ISA subscription converted into dollars.
UK stamp duty reserve tax of 0.5% applies to purchases of UK shares. It does not apply to US share buys in the same way. Mixing a 0.5% UK stamp figure into a US-share cost is the wrong comparison.
Custody charges, monthly platform fees, per-deal US commission, FX on the purchase, FX on dividends, and transfer-out fees can all sit on top. Scenario A below is an approximate all-in illustration on a £20,000 lump sum (as of 30 August 2026).
It is not a forecast, and not a recommendation. Capital is at risk.
ISA vs SIPP for US shares
This is a withholding contrast, not a recommendation to open a SIPP.
A Stocks and Shares ISA and a SIPP can both hold qualifying US shares on platforms that offer them. The ISA does not switch off US dividend withholding.
A SIPP does not switch it off either. 30% statutory withholding, or 15% where the UK–US treaty rate applies, is US tax in either wrapper.
The wrappers differ in UK tax treatment, contribution rules and when money can be taken out. That is not a reason, in this article, to open a SIPP.
How to transfer a Stocks and Shares ISA that holds US stocks
The Current Account Switch Service does not move ISAs. CASS switches a current account. It is irrelevant to a Stocks and Shares ISA.
How to transfer:
- Request the transfer via the new provider.
- Do not withdraw and reopen. Taking the money out can use this year’s allowance and can put gains back into the UK tax system.
- Transfers should complete within 30 calendar days.
Fractional shares often cannot transfer in-specie. Trading 212 sells fractionals on a full ISA transfer-out.
If a portfolio is built from fractionals, a transfer can turn into a sale and a repurchase, with FX and market risk in between. That is a product mechanic, not a reason to choose or avoid a platform.
The catch
- Lightyear: dealing and custody are “not stated” in our 30 August 2026 data, so its figure is incomplete.
- Trading 212: fractional shares are sold on a full ISA transfer-out.
- Freetrade Basic: 0.99% FX and £17 per US holding to transfer out.
- AJ Bell: FX starts at 0.75% on smaller trades.
- Interactive Investor: £5.99 a month whether or not you trade.
- Hargreaves Lansdown: highest illustration here (about £351), plus 1% FX on dividends.
Important things to know
- Capital is at risk. US share prices move. You can get back less than you put in.
- An ISA is a UK wrapper, not a US IRA. US dividend withholding can still apply.
- NYSE and Nasdaq listings are the usual qualifying US shares. OTC and pink sheets are not the same thing.
- The 2026/27 ISA allowance is £20,000, and all of it can go to Stocks and Shares. The 2027 Cash ISA cap is not in force and does not cap S&S ISAs.
- FX often costs more than “free” dealing. Read the FX column with the same weight as commission.
- UK stamp of 0.5% is on UK buys, not a US-share purchase cost.
- Scenario A is an illustration dated 30 August 2026. It is not a forecast and not a guide to who to use.
- Confirm live fees before acting. Trading 212 FX has also been published at 0.7%. eToro’s DIY ISA is not in the table.
Check providers’ current offers
AJ Bell
Good for: AJ Bell may suit you if you hold larger amounts where its tiered FX and £42 custody cap help.
Tiered FX 0.75% / 0.50% / 0.25%; shares custody cap £42 a year. Capital at risk.
Check AJ Bell’s current offer →Some links in this table are referral links. We may earn a commission if you use them, at no extra cost to you. Rankings are based on our review methodology, not commission.
Platform notes (facts, not a pick)
Hargreaves Lansdown. Shares custody 0.35%, capped at £150 a year from 1 March 2026. FX 0.99% / 0.50% / 0.20% depending on tier.
Dividend FX 1%. Transfer-out £0. The old £25-per-line exit fee is out of date.
AJ Bell. Shares custody capped at £42 a year. FX 0.75% / 0.50% / 0.25% depending on tier.
Interactive Investor Core. £5.99 a month plus £3.99 per US deal. FX 0.75%.
Trading 212. £0 dealing plus 0.15% FX as of 30 August 2026. Fractional shares are sold if the whole ISA is transferred out, so they often cannot leave in-specie.
Never withdraw cash yourself when transferring an ISA — always use your new provider’s official ISA transfer service to preserve your tax-free status.
Another published FX figure of 0.7% also exists. Confirm the live FX rate with the platform.
Freetrade Basic. £0 dealing plus 0.99% FX. US transfer-out £17 per holding.
Lightyear. 0.10% FX as of 30 August 2026. Other fee lines were not published.
Barclays. Custody £0 from 31 May 2026. Other US-share fee lines were not published.
Fidelity. £90 a year if the pot is under £25,000 and there is no regular savings plan. That catch is easy to miss on a smaller ISA.
Dodl. In Scenario A at about £180. Dealing and FX lines were not published, so they are not included.
Not in the US-share table. Vanguard and InvestEngine are ETF-only. eToro’s DIY ISA is not in this table because its fee lines were not confirmed as of 30 August 2026. Halifax and iWeb are not in this table.
Comparing platforms for US shares? Capital is at risk.
Some links in this table are referral links. We may earn a commission if you use them, at no extra cost to you. Rankings are based on our review methodology, not commission.
Key takeaways
- A UK Stocks and Shares ISA can hold US shares on many platforms, but FX and dealing still cost money.
- US dividend withholding is US tax — an ISA does not remove it. Many platforms collect a W-8BEN for the treaty rate.
- Fee illustrations depend on how often you buy dollars; confirm live custody, dealing and FX before you act.
- Capital is at risk. The 2026/27 ISA allowance is £20,000.
Stocks and Shares ISA: FAQs
Can I buy US shares in a Stocks and Shares ISA?
Yes, a UK Stocks and Shares ISA can hold qualifying US shares, typically those listed on the NYSE or Nasdaq. It is still a UK tax wrapper, not a US IRA. OTC and pink-sheet stocks are a different category. Platform permitted lists vary. Capital is at risk. This is information, not a recommendation to buy.
Do I still pay tax on US dividends inside an ISA?
An ISA does not switch off US withholding on dividends from US companies. Dividends paid to non-US investors are often withheld at 30%, or 15% where the UK–US treaty rate applies. That is US tax. UK income tax and capital gains tax are a separate matter inside the ISA. This is not tax advice.
What is a W-8BEN and who is it given to?
A W-8BEN is a US tax form many UK platforms collect so the treaty withholding rate can be used on US dividends. It is given to the platform, which passes the information through the US paying chain. We do not walk through completing or filing it, or reclaiming withholding.
What is the difference between 30% and 15% withholding?
30% is the statutory US withholding rate often applied to dividends paid to non-US investors. 15% is the UK–US treaty rate on qualifying dividends where the treaty applies. The ISA wrapper does not, by itself, choose the rate. Confirm the live treatment with the platform. This is not tax advice.
Is an ISA or a SIPP better for US shares?
They are different wrappers. A Stocks and Shares ISA uses the £20,000 2026/27 ISA allowance and can be accessed without a pension minimum age. A SIPP is a pension, with different contribution and access rules. US withholding can still apply in both. That is not a nudge to open a SIPP.
What is an ADR, and can it sit in an ISA?
See ADR vs a native US share vs a US-tracking fund above.
What does it cost to buy US shares in an ISA?
Costs usually combine custody, dealing commission and FX, plus any transfer-out fee. Scenario A (as of 30 August 2026) is an approximate all-in illustration, not a ranking of the cheapest. FX is often the larger line when dealing is £0. Confirm live fees. Capital is at risk.
Can I transfer a Stocks and Shares ISA that holds US stocks?
Yes, as an ISA transfer requested through the new provider. Do not withdraw and reopen. Transfers should complete within 30 calendar days. Fractional shares often cannot move in-specie and may be sold on the way out. The Current Account Switch Service does not move ISAs.
Does the 2027 Cash ISA limit cap Stocks and Shares ISAs?
No. A planned £12,000 Cash ISA cap for people under 65 starts from 6 April 2027. It is not in force now, and it is a Cash ISA rule. It does not cap Stocks and Shares ISAs. For 2026/27 the ISA allowance is £20,000, and all of it can go to Stocks and Shares.
What is the Stocks and Shares ISA allowance for 2026/27?
The ISA allowance for 2026/27 is £20,000 across ISA types. All of it can go into a Stocks and Shares ISA. None of it has to be held in cash. The 2027 Cash ISA cap is a separate, later rule and does not reduce the 2026/27 Stocks and Shares allowance.
Why do some “cheap” platforms still charge FX?
A £0 dealing commission does not cover converting pounds into dollars. FX is a separate charge, often 0.10% to 0.99% as of 30 August 2026, and it can dwarf commission on a lump-sum buy. Dividend FX can be a further line. Scenario A puts those costs in one illustration, not a ranking of the cheapest.
Are OTC or pink-sheet US shares allowed in an ISA?
OTC and pink-sheet stocks are not the same as NYSE or Nasdaq listings. Platforms that offer US share dealing in an ISA typically allow major-market listings. Do not assume an over-the-counter name can go in. Check the platform’s permitted investments. Capital is at risk. This is not a recommendation.
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