Transfers of Individual Savings Accounts
New ISA regulations have been made to reduce the amount of time it takes for cash ISAs to be transferred from one ISA manager to another.
The new legislation is aligned with industry guidelines aimed at reducing cash ISA transfer times to a maximum of 15 business days. Prior to the introduction of this legislation the time limit for such transfers was 30 calendar days. Both the new industry guidelines and the regulations came into effect on 4 January 2011 with the exception of one of the regulations which will come into force on 6 April 2011.
The later start date for one of the regulations is required in order to provide ISA managers adequate time to amend the documents that set out their terms and conditions for investors.
An ISA account is free of all income tax and capital gains tax.