This is a small sample of the queries received into the TISA office recently. Raising issues for response is one of the benefits of membership - for more details please contact us.
Q: What is the situation with New Star International Property Fund?
A: See TISA Bulletin 552 and HMRC ISA Bulletin 7 for further details. 28/11/08
Q: Do TISA have any master lists of bonds issued by multilateral institutions and detail relating to the impact of this?
A: Not as yet, this is an area we will be working on in due course; we will issue a technical bulletin to members on this issue shortly. 28/11/08
Q: We are reviewing one of our products and are considering an alternative which can only be transferred but has no early closure option available – would there be any issues with this?
A: See HMRC Guidance 10.15 for further detail – investors have the right to withdraw all or part of their investments by request. 28/11/08
Q: Do Local Authority bonds qualify for ISA inclusion?
A: No, see HMRC Guidance 7.17 and 7.18 for information relating to Government bonds which can be included in ISAs. 11/12/08
Q: Can you point me to a particular reference point where it states we cannot prevent ISA customers transferring or withdrawing monies?
A: See HMRC Guidance 4.15 and 4.30 for reference. 11/12/08
Q: Can American ETFs be included in ISAs?
A: An ETF based outside the EU would be very unlikely to qualify as a ‘recognised scheme’ under Section 272 of the Financial Services and Markets Act 2000 and therefore would not be eligible for ISA inclusion. 11/12/08
Q: With regards to the Icesave Isa reinstatement certificates – what amount can be reinstated?
A: See HMRC bulletin 6 for details – the certificate will state the reinstatement amount involved. 23/12/08
Q: We have some warrants from a capitalisation issue in ISAs, they are unlisted and not tradable – what action do we need to take?
A: Stand alone warrants are not ISA qualifying investments and as such will have to be removed in line with HMRC Guidance 7.65. 23/12/08
Q: Do you have access to the last set of PEP Guidance notes for reference?
A: Yes, we can send a copy to you. 23/12/08
Q: Can we include shares trading on the London Stock Exchange in a ‘when issued’ form in our ISAs?
A: See HMRC Guidance 7.56 for reference – as long as the shares are ‘officially listed’ within 30 days of allotment/allocation. 2/1/09
Q: Does Findlay Park American Smaller Companies qualify for ISAs?
A: This fund is a collective investment scheme registered in Dublin. To be eligible for ISAs, the scheme has to be authorised in its home state as a UCITS scheme and recognised by the FSA under section 264 of FSMA 2000 (See HMRC Guidance 7.33). This fund is recognised therefore it should qualify for ISAs, subject to the 5% test (Guidance 7.39). 2/1/09
Q: We are considering launching a product that only allows transfer out of the funds but has no early closure option – would this be ok?
A: Investors have the right to withdraw all or part of the investments by request to the manager – see HMRC Guidance 10.15 for further details. This product would not comply with this requirement so would not be acceptable for ISA inclusion. 2/1/09
