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Fund companies get choice on offering interim Isa rise

The Investment Management Association has won its appeal for Isa managers to have the choice of whether or not to offer the £3,000 increase in allowance for the over-50s.

From October 6, people over 50 can invest up to £10,200 in an Isa, with the rule applying to everyone from April 6, 2010.

IMA director of authorised funds and taxation Julie Patterson says that after lobbying by the IMA and the Tax Incentivised Savings Association, the changes will no longer be mandatory for managers this year.

Money Marketing understands that only 700,000 clients reached the full £7,200 stocks and shares Isa limit last year while there are more than 500 names on authorised Isa account managers for April 2009, according to the HM Revenue & Customs website. This has raised questions over the value for some Isa managers in implementing the changes for just a handful of clients.

It has also been confirmed that anyone who is aged 50 on or before April 5, 2010 will be entitled to use the increased limits from October 6, 2009.

She says: “We are glad these changes have been made as they give more clarity to our members on the proposed Isa changes and how they work in practice.”

A spokesperson for HM Revenue & Customs confirmed that it is up to managers to make a commercial decision about whether they will offer the increased subscription limits from October 2009.


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