PIMA wins argument on casgh transfers
Following the announcement by Economic Secretary to the Treasury Ed Balls MP that savers will be able to transfer cash to stocks and shares, PIMA lobbied the officials and Ministers to allow transfers from all cash holdings, including those made in the current tax year, to stocks and shares ISAs.
The draft regulations published by HMRC confirms this. This will enable investors to make transfers from all cash to stocks and shares, even on cash ISA holdings taken in this tax year.
PIMA Director General Tony Vine-Lott said, ‘This will greatly simplify this aspect of the new ISA regime from 2008. Consumers and industry will appreciate the ease of use and the freedom to transfer any holdings in cash to stocks and shares at any time.’
For more information:
Tony Vine-Lott, Director-General, PIMA
07790 006108
Iain Anderson or Jacob Coy, Cicero Consulting
020 7665 9535
07886 197086