HMRC issues update to anyone with an ISA after banks told to make changes
manchestereveningnews.co.ukPeople looking to take advantage of the new Independent Savings Account (ISA) rules that give greater freedom to savers will struggle to find any major bank following them, as no high street banks are currently offering partial transfers or multiple accounts to their customers.
The Manchester Evening News can reveal that this is because ISA providers, including all of the major banks, did not receive final guidance on the new rules from HM Revenue and Customs until the day they came into effect, April 6.
This means greater uncertainty for savers who might want to open multiple ISAs to take advantage of offers, or transfer their funds to another scheme.
Many of the changes were first promised in Chancellor Jeremy Hunt's November Autumn Statement, but the trade body for the UK's finance industry has said that the ISA industry did not receive the final guidance on which they could make the changes until after the new rules came in.
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