Title
New authorised ISA managers list
Pub Date
28/07/2016
Category
Income Tax
Character
Number
Summary

HMRC has published an updated list of authorised ISA managers. The list was updated on 25 July 2016 and inclusion on the list means that HMRC is satisfied that the person, firm or company concerned has met the various criteria in order to be considered authorised.

An ISA account is free of all Income Tax and Capital Gains Tax. Eligible holdings include cash, national savings products, life insurance products, stocks and shares. Account holders may make withdrawals at any time without the loss of tax relief.

In July 2015, the list of investments that can be held in a tax-advantaged ISA was extended to include:

  • securities (including retail bonds) and shares issued by housing associations and other co-operative societies or community benefit societies (registered societies - formerly known as industrial and provident societies);
  • a broader range of securities issued by companies, including those admitted to trading on certain Small and Medium Size Enterprise (SME) market;
  • shares in a wider range of investment trusts.

The maximum amount that can be invested in an ISA in the current 2016-17 tax year is £15,240. The changes also apply to Junior ISAs and CTFs. Investments in either of these vehicles are capped at £4,080 during 2016-17.