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Which IG stocks and shares ISA should you choose: Smart Portfolio or share dealing?

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UKUpdated 6 October 2026 · Written by BuyMeWhiskey Editorial Team · How we check facts

Choose IG's Smart Portfolio ISA if you want it managed for you for a fee from 0.50% a year, or the share dealing ISA if you'll pick your own shares and ETFs; the two share one £20,000 allowance, so you can split money between them.

Decide how hands-on you want to be, then check the account type says ISA (not GIA) before you add money. Moving an old ISA? Use the transfer form rather than withdrawing.

GOV.UK: ISA rules and allowances

The two IG ISA routes in plain English

When you open a stocks and shares ISA with IG, the main choice is between doing it yourself and having it managed for you:

Share dealing ISA (do it yourself). You pick and buy your own shares and ETFs. IG says it offers over 20,000 of them across the UK, US, Australia and Europe. IG advertises commission-free dealing on stocks and ETFs in GBP ISA accounts and no account fees, but notes that other fees may apply. Check the charges page for things like currency conversion before you buy overseas shares.
Smart Portfolio ISA (managed). You answer a risk questionnaire and IG puts you in one of its portfolios, built from BlackRock iShares ETFs. IG's investment team rebalances it for you. IG's published management fee starts at 0.50% a year and is capped at £250 per year per account type. There are also fund and transaction costs on top.

IG also offers "ready-made portfolios" as a middle option. Check the current details on IG's site.

Which suits you?

Pick the managed Smart Portfolio if you don't want to choose investments, you'd like automatic rebalancing, and you're investing for the long term. IG suggests at least five years. Pick share dealing if you're confident choosing your own funds or shares, want the lowest ongoing costs, and are happy to do your own rebalancing. Many people simply buy one or two low-cost global index ETFs.

You don't have to choose just one. IG's help pages say the Smart Portfolio ISA's £20,000 annual limit is shared with your ISA share dealing account, so you can split your allowance between them.

The ISA rules that apply whichever you pick

Allowance: £20,000 in the 2026/27 tax year across all your ISAs. The tax year runs from 6 April to 5 April, and unused allowance doesn't carry over.
Tax: no tax on income or gains inside the ISA, and you don't need to declare them on a tax return.
Flexible ISA: IG says its ISAs are flexible. Under GOV.UK's rules, that means you can take money out and put it back in the same tax year without using up more of your allowance.
Transfers: to move an existing ISA to IG, use the ISA transfer process. Don't withdraw the money yourself, or you lose that part of your tax-free allowance. Stocks and shares transfers should take no more than 30 calendar days.
More than one stocks and shares ISA: the law allows you to pay into more than one ISA of the same type in a year. But IG says you can only pay new money into its stocks and shares ISA if you're not also paying into another provider's in the same tax year.

What changes in April 2027

From 6 April 2027, people under 65 will be able to put no more than £12,000 a year into a cash ISA. The overall £20,000 allowance stays the same. IG only offers stocks and shares ISAs, so the cap doesn't limit them directly. However, IG says that from April 2027 a 22% charge will apply to interest on uninvested cash held in its stocks and shares ISA. Leaving large cash balances sitting in your ISA will therefore make less sense.

Common mistakes

Opening a general investment account (GIA) by mistake instead of the ISA. Check the account type is "ISA" before funding it.
Withdrawing an old ISA to move it, instead of transferring it.
Choosing a portfolio riskier than you can stomach in a market fall.
Leaving cash uninvested for months.
Forgetting that investments can fall in value, and that FSCS protection doesn't cover poor performance.

IG doesn't give advice. For free, impartial guidance on investing, use MoneyHelper. For personal advice, use an FCA-authorised financial adviser.

Example split of a £20,000 ISA allowance

Worked example

Splitting a £20,000 allowance (illustrative). Sam wants to invest £12,000 hands-off and pick some ETFs himself with the other £8,000.

Account	Amount	Yearly cost estimate
Smart Portfolio ISA (0.72% total, using IG's published 0.50% + 0.13% + 0.09%)	£12,000	£86.40
Share dealing ISA (no account fee, commission-free on stocks and ETFs; fund charges extra)	£8,000	Fund charges only
Total ISA subscriptions	£20,000	within the 2026/27 allowance

Of the £86.40, the management fee itself is 0.50% of £12,000, which is £60. The management fee is capped at £250 a year, which is the fee on £50,000. IG says portfolios above that are managed free of charge.

Flexibility: in June, Sam takes £3,000 out for a car repair. Because IG's ISA is flexible, he can put that £3,000 back before 5 April without it counting as new allowance. If he's already paid in the full £20,000, he still has £3,000 of room. A non-flexible ISA would leave him with £0.

What's the difference between an IG Smart Portfolio ISA and a share dealing ISA?#

In a share dealing ISA you choose and trade your own shares and ETFs. A Smart Portfolio ISA is managed for you using BlackRock iShares ETFs and rebalanced by IG. The Smart Portfolio charges a management fee from 0.50% a year, capped at £250 per account type, plus fund and transaction costs.

Should I choose a managed portfolio or pick my own investments?#

A managed portfolio suits you if you want a hands-off, diversified approach and are investing for five years or more. Picking your own suits you if you're confident choosing low-cost funds and want lower ongoing costs. You can split your allowance and do both.

Yes. IG says the two share one £20,000 annual limit, so you can divide your allowance between them in the same tax year. Anything you pay into other ISAs that year counts towards the same £20,000.

How much can I put in a stocks and shares ISA in 2026/27?#

Up to £20,000 across all your ISAs in the 2026/27 tax year, which runs from 6 April 2026 to 5 April 2027. Unused allowance doesn't carry over. From April 2027, under-65s can put no more than £12,000 of it in cash ISAs, but the £20,000 total stays.

Is the IG ISA a flexible ISA?#

IG says its ISAs are flexible. That means you can withdraw money and put it back in the same tax year without it using up more of your allowance. The money has to be replaced before 5 April.

How do I transfer an existing ISA to IG?#

Start an ISA transfer from IG's side, not by withdrawing the money yourself, or you'll lose that part of your tax-free allowance. GOV.UK says transfers other than cash-to-cash should take no longer than 30 calendar days. Your old provider may charge a fee.

Is my IG ISA protected if IG goes bust?#

The FSCS can pay up to £85,000 per person, per firm, if an authorised investment firm fails and there's a shortfall in the money or assets it holds for you. It doesn't cover investments that simply fall in value. IG says client assets are held separately from its own money.

Keep reading

Sources

Figures checked against these sources on 6 October 2026. If a rule changes, we update the page and its date.

General information, not personal financial advice. Rules depend on your circumstances; check the official source or speak to a regulated adviser before acting.