UK plan managers in uproar as kick-out products barred from ISAs
HM Revenue & Customs (HMRC), the UK tax regulator, released a bulletin on March 25 reclassifying kick-out products as short-term investments, thereby rendering them ineligible for use in Independent Savings Accounts (ISAs).
“If you have a plan with a definite life span of less than five years then it cannot qualify as a stocks and shares ISA and that has always been the case,” says Ian Lowes, managing director of Lowes Financial Management.
But kick-out products have been submitted on tax returns
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