Changes at a glance
Since 6th April 2008:
- Maxi and Mini ISAs no longer exist. Instead, there are now two types of ISA – Stocks & Shares, and Cash.
- Investors can hold their Cash and Stocks & Shares accounts with either the same or different providers (eg Co-operative Investments and another company).
- Only one Cash and one Stocks & Shares ISA may be held in any tax year.
- The maximum overall ISA investment allowance is now £7,200.
- The maximum cash ISA investment allowance is now £3,600. The maximum allowed into a Stocks & Shares ISA is now £7,200 less any amount contributed into a cash ISA.
- Investors can now transfer money saved in Cash ISAs with any provider in previous tax years into a Stocks & Shares ISA without affecting their ISA investment allowance for the current tax year.
- Investors can transfer money saved in the current tax year in a Cash ISA to a Stocks & Shares ISA. Once transferred, it is treated as if it had been invested directly into a stocks & shares ISA in that tax year.
- All PEP accounts have become Stocks & Shares ISAs and are now subject to the rules governing ISAs. PEP investments do not count towards the planholder's annual ISA contribution allowance.
