Useful ISA Information
Duplicate ISAs
Remember:
- You cannot open more than one Mini cash ISA, or more than one Mini stocks and shares ISA in the same tax year
- You cannot invest in both a Mini ISA and Maxi ISA in the same tax year
Mistakes do sometimes happen. If you do invest in more than one ISA in a tax year, the second ISA will not be tax-free. If this has happened call the government ISA helpline as soon as possible. Have the details of your ISA accounts to hand when you call.
Moving Abroad
You can only open an ISA if you are resident and ordinarily resident in the UK for tax purposes. If you are unsure about this, call the government centre for Non-Residents on
- 0845 070 0040 (from the UK)
- +44 151 210 2222 (from abroad)
If you open an ISA and then move abroad, you are no longer classed as a UK resident. So you cannot put money into the ISA, however, you can still keep your ISA open and you will still be entitled to the tax benefits on investments held in the ISA. If you become UK resident and ordinarily resident, you can start putting money in again.
Crown Employees Overseas
Crown employees, such as diplomats or members of the armed forces, who are working overseas and paid by the Government can open an ISA. They can continue to invest in the ISA while they are overseas. This also applies to the husbands or wives of crown employees overseas.
Complaints about ISAs
If you have a complaint about an ISA and feel it is not being dealth with satisfactorily by your current ISA manager you should contact the Financial Ombudsman. The Financial Ombudsman service helps to settle individual disputes between consumers and financial firms and is free of charge.
To find out more information
- Call their Helpline on 0845 080 1800
- Email Financial Ombudsman
- Visit Financial Ombudsman
Financial Services Authority
The Financial Services Authority (FSA) is the independent watchdog set up by the government to regulate financial services and protect your rights.
They produce a booklet called 'The FSA guide to financial advice'. You can get a copy:
- By calling the FSA Consumer Helpline on 0845 606 1234
- Online at FSA
New ISA Rules (for 2008)
These new rules are designed to simplify the system, making it easier to understand what you can, and can't, do with your ISA. It is expected that these rules will be introduced in April 2008.
- The mini and maxi ISA distinction will be scrapped - ISAs will simply be cash or stocks and shares.
- A £7,000 a year overall limit will apply. Up to £3,000 of this can be invested in cash, with any remainder available for stocks and shares investments.
- Investors will be able to transfer money held in a cash ISA into a stocks and shares ISA.
- Existing PEPs will be renamed as stocks and shares ISAs.
- Going forward, 18-year-olds will be able to roll their child trust funds into an ISA if they want to continue enjoying tax-free growth.
