Investors set to face music over Isa tax liabilities

Responsibility for the payment of tax due on voided Isa investments is to pass from the investment m...

Responsibility for the payment of tax due on voided Isa investments is to pass from the investment manager to individual investors in the latest version of the Finance Bill. Under existing regulations if an investor has an Isa account voided, for example if they opened two Isas and exceeded the annual £7,000 limit, responsibility for collecting the tax owing rests with the fund manager in which the voided Isa was invested. In this situation if the Isa manager was unable to collect the tax from the investor, such as if the money had been transferred out, the manager would be liable to pay...