Cash ISA cut – devil in the detail

Cash for fees, money market funds?

An HMRC bulletin has today outlined the intended measures:

• no transfers from stocks and shares and Innovative Finance ISAs to cash ISAs
• tests to determine whether an investment is eligible to be held in a stocks and shares ISA or is ‘cash like’
• a charge on any interest paid on cash held in a stocks and shares or Innovative Finance ISA

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