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I have regularly paid into an ISA insurance policy and also bought an ISA unit trust investment with different ISA managers, I’ve been told I cannot do that now, is this true?
If, your insurance policy is a stocks and shares component then from 6 April 2005, you must choose which investment you wish to continue, if the investments you want to save in are provided by different ISA managers.

The insurer does not have to pay tax on income and capital gains on investments used to back your ISA life insurance policies. You do not have to pay any tax when the policy pays out.

Crown employees, such as diplomats or members of the armed forces, who are working overseas and paid by the Government are eligible to open an ISA. Their spouse can also open an ISA.

Whether you choose a Maxi or a Mini ISA in any year is up to you, but remember...
- if you want to invest more than £4,000 in stocks and shares, you must open a Maxi ISA
- if you want different ISA managers for different kinds of saving, you will need Mini ISAs
- always shop around for the arrangement that will give you the best deal or is most convenient.

If you take money out, any that you put back later will count against your ISA annual subscription limit in the year that you re-invest your money.

'with profits' policies. This is a more traditional type of life insurance policy where you participate in the profits the insurer makes from investing your premiums through 'bonuses' which the insurer declares, usually once a year.
-Only certain life insurance policies on the saver's own life, which are specially designed for ISAs can be included in the ISA. These may be the ISA manager's own policies, or the ISA manager may offer a range of policies from different insurers.

You cannot put money, for example, into both a Maxi ISA and a Mini ISA in the same tax year, or into two Mini cash ISAs.

You can transfer all of the money you put into your ISA in earlier years or only some of it, if you wish. However, some managers may not allow you to transfer part of your ISA (this will be in the terms and conditions). Your existing ISA manager will be able to tell you how much you can transfer.

What types of life insurance can be included in the ISA?The ISA can include life insurance policies which are:
-'unit linked' or 'investment linked' policies. This is like a 'pooled' investment such as a unit trust

Make sure you know whether the ISA manager will charge for running your ISA, including any charges for withdrawals and transfers.

The ISA manager may pay interest on this cash while it is held in the account. There is no income tax to pay on this interest, but the manager by law must deduct a flat rate 20% charge before crediting it to the account. You do not have to declare this interest on a tax return.

If you are aged 16 or 17, you can have a cash ISA. This can be either a Mini cash ISA or a Maxi ISA where you can only put money into the cash component. The subscription limits are the same as for savers who are over 18 (up to £3,000 in each tax year).

If you are in an Inland Revenue approved all-employee share scheme run by your employer (that is, a savings related share option – 'Sharesave’ – or profit sharing scheme), or the new Share Incentive Plan then you can transfer any shares you get from that scheme into the stocks and shares component of an ISA without having to pay Capital Gains Tax, provided your ISA manager agrees to take them. The value of the shares at the date of transfer counts towards the annual limit. This means you can transfer up to £7,000 worth of shares in each tax year (assuming that you make no other subscriptions to ISAs, in those years).