A GUIDE TO SAVING AND INVESTING IN ISAs

If you invest into an ISA on the basis of a recommendation by a *financial adviser*, you have the right to cancel your investment if you change your mind.

To cancel your investment you must notify the manager by returning the cancellation notice you receive from them, generally within 14 days of receipt.

I would like to move my ISA from one manager to another?

In the year of subscription you can transfer your ISA to a different manager, but it must include all contributions made to that ISA in the tax year.  After the first year of subscription, the rules are more relaxed and partial transfers between ISA managers are permitted.  Under new rules, from April 2008 you can now transfer components (see 'ISA Limits').  You also need to make sure that your new ISA manager is willing and able to accept your transfer.

I want to withdraw some or all of my money?

You can withdraw as much money as you wish from your ISA at any time, subject to the terms of your ISA. However, if you do this and then decide you want to put it back in later in the year, it will count against your normal ISA subscription limits for that year. For example, if you invested £6,000 and withdrew £2,200 you would only be able to put £1,200 back in, as this would bring you up to the maximum limit of £7,200. For investors benefiting from the new £10,200 limit (people aged 50 or over on or before 5 April 2010), if, for example, they invested £8,500 and withdrew £3,000, they would only be allowed to put £1,700 back in.

Things go wrong?

First take up your complaint with the ISA manager. If the manager is unable to satisfy your complaint, you can take up the matter with the *Financial Ombudsman Service*. The manager is obliged to tell you who to write to.

I have taken out too many ISAs?

Mistakes do happen, but you must tell the manager straight away. The manager will ask you to contact HM Revenue and Customs, as in certain circumstances you may be able to keep your ISA open.

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