Editing Individual savings account (section)

===1999 Transition from older types of ISA ===
PEPs became stocks and shares ISAs, with an exemption that allowed them to continue to hold investments that could not be held in a stocks and shares ISA, provided that the investment met the pre-2001 PEP rules.

For some time there were Mini ISAs, Maxi ISAs and TESSA-only ISAs. A Mini ISA could hold cash OR stocks, potentially many if operated by a fund house or platform, while a Maxi ISA could hold cash AND stocks. Any UK resident individual aged 18 or over could invest in one 'maxi' ISA per year, with both components provided by a single financial institution. Alternatively, a person could invest in two 'mini' ISAs, one for each component. The two mini ISAs could be with two different providers if the investor wished.

The TESSA-only ISA was a type of cash ISA funded from a [[Tax-exempt special savings account|TESSA]], another predecessor of the ISA. New TESSAs could not be created after 5 April 1999, so the required five-year term of all TESSAs ended by 5 April 2004. '''TOISA'''s were created to allow the original capital (excluding interest) invested in a TESSA (up to £9,000) to be reinvested in a tax-free form.