Maxi ISAs
Maxi ISAs
Maxi ISAs no longer exist - they were part of the old system that was replaced on April 6 2008. All Maxi ISAs have been reclassified, with the stocks and shares components becoming Stocks and Shares ISAs and the cash components becoming Cash ISAs.
Previously, there were three types of ISA - Mini Cash ISAs, Mini Stocks and Shares ISAs and Maxi ISAs. With Mini Cash ISAs, you could invest up to £3,000 per year. With Mini Stocks and Shares ISAs, the limit was £4,000, and Maxi ISAs were a mix of 'cash' and 'stocks and shares'. With Maxi ISAs, you had two options:
- You could invest the full £7,000 in stocks and shares, or
- You could spread your investment between cash with stocks and shares, but there was a £3,000 limit on the cash element
Now, it has all changed; the tax free savings system has been simplified, and the allowances have been raised. Now there are just two types of ISA:
- Cash ISAs - Invest up to £3,600 per year
- Stocks and Shares ISAs - Invest up to £7,200 per year
Where as before, you could not open a Mini ISA if you already had a Maxi ISA, you may now have both a Stocks and Shares ISA and a Cash ISA and pay into both during the same tax year, as long as you do not pay more than £3,600 into the Cash ISA, and your combined deposits do not exceed £7,200. If you had a Maxi ISA and are confused about the changes, read our FREE Guide to ISA Changes.
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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.