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Investors allowed to keep mini and maxi Isas open

Isa investors who have taken out both mini and maxi Isas in the same tax

year will be permitted to keepboth open under changes to the Isa

regulations made by the Inland Revenue.

Other changes include allowing investors who have opened an Isa, closed it

and subsequently opened another of the same type in one year to maintain

the second. The rules will also permit transfers of Tessas to Isas made by

individuals rather than providers to continue.

However, the new rules will only apply as long as the investor does not

exceed the annual maximum Isa limit of £7,000. Under the initial Isa

regulations, which have been branded complex and confusing by many in the

industry, all these activities should have resulted in the second Isa being

closed down.

The changes stem in part from the fact that the regulations were not being

enforced so investors were unintentionally breaking the rules.

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