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Page 31 of 33
Individual Savings Accounts (ISAs)
Further information about the changes after 6 April 2005
I have regularly paid into an ISA insurance policy and an ISA unit trust investment with different ISA managers, I've been told I cannot do that from April 2005, is this true?
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If, after 6 April 2005, your insurance policy is treated as a stocks and shares component then you will need to choose which to continue paying into.
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ISA rules do not allow anyone to invest in two ISA investments with different managers if they fall in the same component. For example, you cannot have two Mini ISA stocks and shares components.
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If you want to continue to subscribe to both then from April 2005 you can only do so through a single ISA Manager.
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You can still invest as much as you did before, as the stocks and shares component investment limit will increase to £4,000.
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All ISA products ensure that you are under no obligation to continue making payments into that policy but you should contact your ISA managers to discuss the impacts on each investment if you stop making payments.
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Savings, Investments