The Inland Revenue is to refine guidance to Isa managers on the level of access they must give inves...
The Inland Revenue is to refine guidance to Isa managers on the level of access they must give investors to their money.
The decision, flagged on the Revenue's website, follows concern that many Isas offered by banks and building societies contravene Isa rules on allow- ing investors access to their assets.
Many have lock in periods or restrictions on withdrawals. The Revenue will decide what terms are accepted and how to deal with those that are invalid. Under Isa regulations, the Revenue said, an investor can ask for transfer of his or her Isa, or for withdrawal of all investments held in it, at any time.
Accounts that lock in an investor's funds so transfer or withdrawal are not allowed within a reasonable time are strictly not eligible as Isas, although this does not include accounts where the investor can transfer or withdraw funds at short notice but with a penalty.
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