Alliance calls for Isa revamp

The financial services group says the charges applied when investors switch stock into an Isa mean it might not be worth doing at all. Under current rules, Isa investors have to sell their stock from their portfolios before buying it back inside an Isa. Alliance Trust says research it has carried out shows this can cost as much as £200, almost 3pc of the £7,000 annual Isa limit. It says an investor who has transferred stock worth £7,000 into an Isa each year since the products were launched in 1999 could have lost out to the tune of £1,640 already as a result of this requirement. The fi...