Draft regulations have been issued to give effect to changes proposed in the pre-Budget report as follows:-
■ Extension of the £7,000 annual subscription limit (including up to £3,000 in cash) for a further 5 years until April 2006.
■ Permitting 16 and 17 year olds to invest up to £3,000 a year in either a cash mini ISA or the cash component of a maxi ISA from April 2001 until April 2006.
■ Individuals who, though non-UK resident, perform duties which by virtue of section 132(4)(a) ICTA 1988 are treated as being performed in the UK are eligible to subscribe to an ISA. S132(4)(a) covers Crown employees performing duties overseas, which includes serving members of the armed forces and diplomats. Non-UK resident spouses of such individuals will be eligible to subscribe to an ISA.