 |
Two main types of
ISA:
|
|
| Maxi
ISA |
- up
to £7,000 in equities and/or shares |
|
|
Mini
ISA
containing up to 3 plans |
- equities
- up to £3,000
- cash - up to £3,000
-
life assurance - up to £1,000 |
|
|
|
|
|
Third type; TESSA
Only ISA which will accept the capital proceeds, not interest,
from a maturing TESSA |
|
|
ISA providers are not
compelled to offer all types of ISA investment (i.e. some may just
offer stocks and shares only Maxi ISAs)
|
|
|
No statutory lock-in
period or minimum investment levels (only those imposed by ISA
providers) |
|
|
Withdrawals can be
made at any time without the loss of tax relief
|
|
|
Equity
‘qualification’ rules dropped, which means that a wider range of
equity types are available |
|
|
Demutualisation
windfall shares will not now be allowed to be transferred into an
ISA |
|
|
Introduction of CAT
Standards, covering Charges, Access and Terms, with the
objective of guaranteeing a straightforward, easy to understand and
reasonably priced ISA |
|
|
Not all ISAs will
qualify for the CAT standards |
|
|
Transfers allowed
between ISA providers |
|
|
Dividend tax credit
remains until April 6th 2004 |
