It seems the ISA rules are somewhat more complicated than it first appears.
TD have declined to trade in Grafton (GFTU) in an ISA even though its London listed in the FTSE250 on the grounds tha "it's a composite stock."
Anyone have similar experience of this happening with UK listed shares/shed light on what they think the issue is? Stockopedia is showing its eligible for both a SIPP and ISA.
dmjram,
I think you need to go back to TD and push them hard on the precise reason that Grafton is not allowed. It sounds like a lazy answer from them because there is no marker in their system that says 'ISA-eligible' because no-one has asked them before (I had a similar issue with First Direct with Coastal Energy many years ago).
If necessary point them towards HMRC's ISA Guidance Notes for Managers. Section 7 deals with qualifying investments, and the flowchart on p.88 simplifies the rules and you can quickly see if there is anything stopping Grafton being put into an ISA (I can't see any reason at first glance).
Good luck with reversing their decision!
SM
