What are Maxi and Mini ISAs?
Not only are there two different components of an ISA plan (Cash and Stocks and Shares) but there are also two different versions of an ISA. These are known as Maxi and Mini ISAs. You must always establish which version of an ISA that you are contributing to when you first start a plan, as this may affect the amount you can invest in the future. During any tax year you can invest in a single ISA plan or you may spread your money across a number of Mini ISAs (the maximum number is three per tax year). Whether or not you have more than one version of an ISA; the overall annual investment limit will remain the same at £7,000 for the current tax year. It is common for the Cash ISAs offered by Banks or Building Societies to be established as Mini ISAs. Bear this in mind if you are intending to make a full £7,000 subscription during the tax year. This is because the rules do not allow you to subscribe to both a Mini ISA and a Maxi ISA during the same tax year. Many of the Stock and Shares IS
