Can I buy and sell shares on the same day in my stocks and shares ISA?

[Himani]

Can I buy and sell shares on the same day in my stocks and shares ISA? I understand that settlement dates are t+2 days for equity but what if I have money in my stocks and shares ISA and I am trading with it rather than using the credit. 

[CharlotteIG]

On 17/01/2020 at 19:02, Himani said:

Can I buy and sell shares on the same day in my stocks and shares ISA? I understand that settlement dates are t+2 days for equity but what if I have money in my stocks and shares ISA and I am trading with it rather than using the credit. 

Hey, thanks for your question. 

There is a settlement period for non-leveraged buying and selling. If you sell shares and you have the funds on the ISA account as 'unsettled' you can use those funds to buy new stock. You just cannot withdraw them until they're settle. 

I hope this helps, let me know if you need anything else. 

[Himani]

Thanks for the answer. So does that mean I can buy and sell the shares on the same day in my ISA but just can not withdraw money it unless settled?
 

[CharlotteIG]

21 hours ago, Himani said:

Thanks for the answer. So does that mean I can buy and sell the shares on the same day in my ISA but just can not withdraw money it unless settled?
 

Yes, if you sell some shares you will be able to use those unsettled funds to buy more shares on the ISA. Please note, that the funds have to be settling on the ISA. You can't move unsettled funds from say share dealing to the ISA due to the different tax wrappers. 

[Himani]

Thanks Charlotte for replying. 
Sorry to cause more confusion. I am very new to this so asking it again to be more clear.

My query is all about ISA account not Share dealing account. So can I buy and sell shares on the same day in my ISA account? 

e.g. In my ISA account 

•  I add £1000 on Day 1 
• On Day 5 I buy shares of Company X worth £900
• Can I sell those shares on the same day (i.e. Day 5)?