We recently ran an ISA surgery and invited our readers to send us their ISA questions. We were inundated with responses and, sadly, couldn't answer
them all, but we did do our best to address as many as we could and cover the common themes that cropped up.
With the help of Fair Investment, the Tax Incentivised Savings Association (TISA) and the Buildings Societies Association we've put together a
selection of the questions and answers. We also put together an ISA guide dealing with more of the basics, so take a look for more help there, too.
Finally, a big thank you to everyone who sent in their questions. We hope the answers go some way to clearing up any confusion you may have when
it comes to ISAs.
Question: Can you tell me exactly all the different types of investments one is able to invest within an ISA, including any leveraged products like ETFs
Answer: Within a Stocks and Shares ISA there are a wide variety of types of investment that can be held, provided they meet certain criteria laid down
in the ISA Regulations. Where an ISA Manager offers a particular fund or investment within an ISA wrapper, the investor can assume that the
investment is ISA-qualifying. It is the ISA Manager's responsibility to ensure all investments held within ISAs meet the requirements of the ISA
For ISA investors who wish to make their own decisions about what to invest in (often referred to as a â€˜self-select' ISA) it is still the ISA Manager's
responsibility to ensure all investments chosen by the investor comply.
Many of the categories (see below) impose listing requirements (for example, that shares are â€˜officially listed on a recognised stock exchange').
It should be noted, for example, that not all stock exchanges are â€˜recognised' by HMRC; secondary markets - such as the Alternative Investment
Market (AIM) - are not regarded as part of the main stock exchange; and being traded on a particular exchange is not the same as being officially
This is why t