Changes to ISAs from 6 April 2005
06 March 2005
The subscription limit for a Mini Stocks and Shares ISA has increased to £4,000, effective from 6 April 2005. In addition, no new insurance ISAs will be available. If your clients hold an insurance ISA, depending on the type of insurance policy, it will now qualify for either the cash or stocks and shares component of an ISA. The ISA manager will tell you which component your clients' insurance ISA qualifies for.
If your clients currently pay into an insurance ISA, they can continue paying into it. However, care needs to be taken if they are also subscribing to a mini cash or a mini stocks and shares ISA. For example, if the insurance ISA falls into the stocks and shares component, they can only continue making subscriptions provided they don't also invest in another stocks and shares ISA with a different manager. If they do, then one of them could be made void. If it is the ISA containing the insurance policy, then that policy will have to end.
Please remember - James Hay Wrap does not offer an Insurance ISA.
Here to help... If you are in any doubt about the new rules, our Technical Support Unit is there to help. Telephone lines are open 9am to 5pm, Monday to Friday.
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