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Change to ISA eligibility rules


Her Majesty's Revenue & Customs (HMRC) has confirmed that ISA rules have changed, you can now invest in shares listed on the small and medium sized company exchanges within an Investment ISA.

What does this mean?

You can choose to hold shares listed on the Alternative Investment Market (AIM) and ICAP Securities and Derivatives Exchange (ISDX) in an Investment ISA.

If you are unable to place a trade online for a particular share listed on the AIM or ISDX within your ISA, please call us on 0808 231 4904† and we can verify whether it is eligible.

Many of our clients invest actively in shares listed on these markets outside their ISAs and we have been lobbying through industry bodies in support of this extension of investment choice within an ISA.

How does this change affect you?

This change means any returns you earn on these investments will not be subject to tax when held within an Investment ISA. However, share prices in small and medium size companies can be more volatile than large companies, so these investments will not match everyone's appetite for risk. You should only incorporate them into your ISA portfolio if you are comfortable with this increased level of risk.

If you currently hold AIM or ISDX shares in a MarketMaster®, you can now transfer these to your ISA. Please note that this will involve a sale of the shares before they can be repurchased within an ISA which may be taxable.

Alternatively, if you want access to a range of companies listed on these markets and consider that professional investment expertise would be helpful in navigating through the choice of individual shares, you could consider investing in funds that specialise in small and mid cap companies

Please remember that the value of investments can go down as well as up and you may get back less than you invested. If you are unsure about any investment


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