Editing Individual savings account (section)

===Restrictions removed from July 2014===
Many restrictions were significantly relaxed from 1 July 2014<ref name=HMRCNewISAFAQ2014>{{cite web|url=http://www.hmrc.gov.uk/isa/new-isa-faq.pdf|title=The New ISA - Frequently Asked Questions|publisher=[[HM Revenue and Customs]]|access-date=2 June 2014|quote=The Government is changing the name to reflect the significantly increased limits and flexibility that will be available to account holders}}</ref> and the branding<ref name=MSE2014>{{cite web|url=http://blog.moneysavingexpert.com/2014/11/14/it-seems-an-isa-is-nicer-than-a-nisa-so-were-going-to-call-them-isas/|title=It seems an ISA is nicer than a NISA – so we're going to call them ISAs|publisher=[[MoneySavingExpert.com]]|access-date=11 January 2015|quote=HMRC tells us "ISA is the correct term to use in line with HMT Regulations and HMRC Guidelines. NISA is purely a marketing/product/publicity term." ... So from now [14 November 2014], I’ve decided MoneySavingExpert.com is going to revert back to calling it the good old ISA ... and we suspect gradually over the next year to see everyone else who called it a NISA to retrench too}}</ref> "New ISA" was introduced for this batch of changes:

* There was a ban on transferring from S&S ISA to cash ISA. Cash to S&S was allowed from 2008/2009. A JISA could always go in both directions.
* Interest on cash in a S&S ISA is no longer subject to a 20% charge. All cash in a S&S ISA is subject to the [[Financial Conduct Authority|FCA]] client money rules and cash ISA providers can opt in if they wish.<ref name=FCAISAClientMoney>{{cite web|url=http://www.fca.org.uk/news/firms/ps1410-client-money-held-in-individual-savings-accounts-|title=PS14/10: Client money held in Individual Savings Accounts and feedback to CP14/9 and final rules|publisher=[[Financial Conduct Authority]]|access-date=2 June 2014|quote=requiring all investment firms who hold any money within stocks and shares ISAs to hold these sums as client money ... allowing investment firms that manage cash ISAs to opt into the CASS regime and elect to hold money in cash ISAs as client money}}</ref>
* Cash can now be held in a S&S ISA even when not intended for investment. There was no specific time limit on how long cash could be held under the old rules, just whether the ISA manager believed the money was being held for future investment.
* The S&S ISA had a five years remaining at time of purchase restriction on public debt securities such as [[government bonds|government]], [[corporate bond]]s, debentures and Eurobonds. Conditional redemption, such as that based on possible future market performance, was acceptable, as was the borrowing company or government redeeming the security early or exercising of options if there are defaults, insolvency risks or covenant breaches.
* The S&S ISA had a requirement for a credible possibility of losing at least 5% of the investment, called the 5% test.<ref name=HMRCBulletin2 /> Investments that failed the test had to be held in a cash ISA instead:
** A cash ISA can still hold qualifying investments that failed the 5% test for holding within a stocks and shares ISA<ref name=HMRCBulletin2>{{cite web|url=http://www.hmrc.gov.uk/isa/isa-bulletin2.htm|title=ISA Bulletin 2: Qualifying investments – db x-trackers – Sterling Money Market ETF|publisher=[[HM Revenue and Customs]]|access-date=24 November 2010|quote=investors could be certain (or near certain) of getting back 95 per cent or more of their initial investment. The fund therefore fails the 5 per cent test and is a qualifying investment for cash ISAs, not stocks and shares ISAs|archive-date=24 March 2010|archive-url=https://web.archive.org/web/20100324233859/http://www.hmrc.gov.uk/isa/isa-bulletin2.htm|url-status=dead}}</ref> before 1 July 2014<ref name=HMRCISABulletin57>{{cite web|url=https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/377727/bulletin57.pdf|title=ISA manager bulletin 57|publisher=[[HM Revenue and Customs]]|access-date=28 January 2016|quote=Any investments which did not satisfy the 5 per cent ‘cash-like’ test before 1 July 2014 and are held in a Cash ISA can continue to be held in a Cash NISA after 1 July 2014}}</ref> when the test was removed but this facility was rarely, if ever, made available by a cash ISA provider. Such investments would not be deposits and would not have the deposit FSCS protection, they may have the £50,000 investment protection instead, the provider must make the situation clear.