Revenue to use more discretion in cases of Isa oversubscription

The Inland Revenue has eased procedures against investors that oversubscribe to Isas, taking action ...

The Inland Revenue has eased procedures against investors that oversubscribe to Isas, taking action only if the offence is committed in consecutive years. Under Isa rules, investors can either invest up to £7,000 in one maxi Isa, or up to £3,000 in a cash mini Isa and up to £4,000 in a stocks and shares Isa. Under old procedures, if an investor breached these limits the Revenue would void tax relief on the invalid subscriptions, according to David Beeston, technical adviser at the Pep and Isa Managers' Association (Pima). The Revenue is now differentiating between investors it feels have...