Cash Isas: Rule changes
Rule changes mean Peps and Tessas are gone for good
The rules governing Isas changed from 6 April 2008. Here is how the changes will affect you:
- Here for good. Isas are now here to stay and during 2008-2009 will have an overall annual investment limit of £7,200. The amount that can be paid into cash goes up to £3,600.
- No more minis and maxis. The old definitions of mini and maxi Isa have gone. Instead there are now two types of Isa: cash and stocks and shares
- Time is up for PEPs. These become stocks and shares Isas from 6 April 2008 and can be transferred into other stocks and shares Isas
- A key transfer. Cash Isa money can now be transferred into stocks and shares Isas (but stocks and shares Isas can't be transferred into cash)
- Isas for your kids. Child trust funds can be rolled over into Isas when they mature.