TISA welcomes Treasury ISA top-up plans

clock

The Tax Incentivised Savings Association (TISA) has welcomed Treasury proposals which will give investors affected by the failure of financial firms the opportunity to use compensation to top up their ISAs beyond the current subscription limits.

Under existing rules, any reinstatement of ISA investments previously held in failed firms still count towards the £10,680 annual limit, of which £5,340 can be cash. However, under the Treasury's proposed changes, which will be made available for consultation in the New Year, investors who have lost their cash ISA will be permitted to reinstate up to the balance of their account at the time of the firm's failure in a new ISA. Meanwhile, investors in stocks and shares ISA will be allowed to invest any compensation - or any similar payment - derived from assets held within their ISA in ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on ISAs

Time and patience: Will the British ISA revitalise UK equities?

Time and patience: Will the British ISA revitalise UK equities?

'The UK stock market currently navigates choppy waters'

Priscilla Chueng
clock 28 March 2024 • 3 min read
Half of UK adults would consider opening a Great British ISA

Half of UK adults would consider opening a Great British ISA

Current ISA savers most likely to take advantage of the new product

Isabel Baxter
clock 15 March 2024 • 2 min read
Advisers positive that Great British ISA will boost savings

Advisers positive that Great British ISA will boost savings

Almost two thirds say they think it will lead to an increase

Isabel Baxter
clock 11 March 2024 • 1 min read