IFAs slam 'pedantic' HMRC move on structured products

According to Structured Retail Products.com, there have been 40 kick-outs issued in 2010, 127 in 2009 and 126 in 2008. Kick-out or autocall products provide an early exit if the underlying index or security reaches a certain level. However, HMRC has said it has found some of these securities do not satisfy the criteria to be an ISA qualifying investment. It highlights paragraph 7.12 of the ISA Regulation which states: The condition that must be satisfied is that, at the date on which the security is purchased by the ISA manager, the terms on which it was issued do not require the l...