ISAs were introduced by the Government on 6 April 1999. It was promised that they would be available for at least 10 years. They were introduced to encourage individuals to save from £10 up to £7,000 each year in a tax-free environment.
It is expected that from 6 April 2006 the maximum allowable will be reduced to £5,000.
The poor performance in the equity markets over the last few years has affected the ISA market. There are of course cash funds and other non equity based ISAs that offer the same tax-free status.
If you have ISAs and/or PEPs it would make sense to review these as it is possible to transfer between providers to try and increase the potential returns.
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