Changes to your ISA & PEP

HM Treasury announced amendments to the ISA Regulations that took effect from April 6th 2008. We have listed below details of the changes:

ISAs are now available indefinitely

Previously the Government had set an end date to ISAs of 2010. This limit has now been removed.

Mini/Maxi Distinction was removed

From April 6th 2008 the terms ‘Mini’ and ‘Maxi’ were removed. Instead there are now two ISAs available– a Stocks and Shares ISA or a Cash ISA. So your Halifax Share Dealing Self-Select Stocks and Shares Mini or Maxi ISA, from April 6th 2008 simply became a Stocks and Shares ISA.

PEPs were moved into the ISA Wrapper

From April 6th 2008, PEPs ceased to exist and were renamed as a Stocks and Shares ISA. They are all now subject to ISA rules.

Increase of Annual Allowance

From April 6th 2008 the total subscription amount into an ISA was raised to £7,200.00 per tax year. Of this total, up to £3,600.00 per tax year can now go into a Cash ISA and the balance into a Stocks and Shares ISA. Alternatively you could invest the full £7200.00 into a Stocks and Shares ISA.
(Please note that the rules will not allow you to transfer cash from a Stocks & Shares ISA to a Cash ISA)

Cash ISAs can now be transferred into a Stocks and Shares ISA

Cash ISAs are now allowed to be transferred into a Stocks and Shares ISA. (Please note that HMRC rules will not allow you to transfer from a Stocks and Shares ISA into a Cash ISA).