Individual Savings Accounts (ISAs)

What is changing after 6 April 2005?

On the 6 April 2005 the ISA rules are changing and from that date

  • new ‘stakeholder’ cash and medium term products can be held in your ISA

  • you will still be able to hold an insurance policy in your ISA, but the separate ‘Mini insurance ISA component’ will end and instead, depending on the type of insurance policy you hold, your policy will now qualify for the
    • Mini ISA cash component – with an unchanged limit of £3,000

    • Mini ISA stocks and shares component – with an increased limit of £4,000, or

    • Maxi ISA – with a limit of £7,000.

Your ISA manager will tell you which component your insurance policy qualifies for.

If you currently pay into an ISA insurance policy, it will be possible to continue paying into that policy after 5 April 2005. But if you also subscribe to either a Mini cash or a Mini stocks and shares ISA component you may have to rearrange your savings.

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