Compare Maxi ISAs
Compare Maxi ISAs
You can no longer compare Maxi ISAs because on April 6 2008 they were scrapped in favour of Cash ISAs and Stocks and Shares ISAs. Previously, each adult in the UK had a tax free allowance of £7,000, up to £3,000 of which could be invested in cash, either in a Mini Cash ISA or into the cash component of a Maxi ISA. You could then invest the rest into stocks and shares, either using the stocks and shares component of a Maxi ISA or by having a Mini Stocks and Shares ISA, which allowed up to £4,000 investment; the entire £7,000 could be invested into Stocks and Shares in a Maxi ISA.
Now, the rules have changed, on April 6 2008:
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The tax free allowance was increased to £7,200, and the cash allowance to £3,600.
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All Mini Cash ISAs, the cash components of Maxi ISAs and TESSA Only ISAs were reclassified as Cash ISAs.
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All Mini Stocks and Shares ISAs, the stocks and shares components of Maxi ISAs and PEPs were reclassified as Stocks and Shares ISAs.
If you were looking to compare Maxi ISAs, you may want to compare Stocks and Shares ISAs, as you can invest your entire £7,200 tax free allowance into a Stocks and Shares ISA. If you want to invest in cash too, you can have both a Cash ISA, in which you can save up to £3,600 per tax year, and a Stocks and Shares ISA, in which you can invest the remainder of your allowance.
Investments must meet certain conditions to qualify for ISAs and ISA managers will be able to tell you which ones can be included, some examples of the stocks and shares components that a Maxi ISA can include are:
- Shares and corporate bonds issued by stock exchange companies
- Gilt edged securities
- Unit or shares in authorised unit trusts
- Life insurance policies
- Stakeholder products
If you were hoping to compare Maxi ISAs, take a look at the table below which shows the latest Cash and Stocks and Shares ISA deals:
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Please bear in mind that:
Investment ISAs are designed as medium to long term investments, for example at least five years.
The value of your investment and the level of any income received from it can fall as well as rise and is not guaranteed and you may not get back the amount of your original investment.
The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.
If you choose an index-tracking trust which invests overseas, exchange rate variations may cause the value of your investment to increase or decrease.
If you unsure what Investment ISA plan is right for you speak to an independent investment adviser.