The 2007/08 tax year is the last with the old Maxi and Mini Individual Savings Accounts (ISAs) rules. Until 5 April 2008 a £7,000 Maxi ISA, which invests primarily in stocks, shares or bond funds, can still be opened or topped up. Two Mini ISAs, with up to £4,000 in a Mini Stocks & Shares ISA and a maximum of £3,000 in a Mini Cash ISA can also still be opened.

However, from 6 April 2008, there are a number of changes to the way ISAs work, including:

• Mini and Maxi ISAs to be replaced by Cash
• ISAs and Stocks & Shares ISAs
• You can invest up to £3,600 in a Cash ISA
• You can invest up to £7,200 in a Stocks & Shares ISA
• Overall ISA annual savings limit is £7,200
• All PEPs to become Stocks & Shares ISAs
• Money saved in Cash ISAs can be transferred into Stocks & Shares ISAs

Further information
Read our flyer which summarises the ISA changes and aims to help you explain the new rules to your clients.