Treasury confirms 22% stocks and shares ISA cash interest charge

Forming part of draft rules for cash ISAs published today (23 June), the new rule will be subject to consultation. The changes see a flat rate charge on any interest or alternative finance return paid on cash held within a non-cash ISA. Additionally, the rules state non-cash ISA portfolios made up of 100% cash-like assets will be non-qualifying investments. Transfers from non-cash ISAs into cash ISAs will not be permitted. It will remain possible to transfer from a cash ISA to a non-cash ISA. This follows reports from The Telegraph of the tax last month. Regulations will be l...