ISA eligibility rules

Friday, May 15 2015 by

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.

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Grafton Group plc is an international distributor of building materials to trade customers engaged in residential repair, maintenance and improvement projects, and house building. The Company's segments are Merchanting, Retailing and Manufacturing. The Merchanting segment is engaged in distribution of building and plumbing materials to professional trades people engaged in residential repair, maintenance and improvement projects, and also in residential and other new build construction from a network of over 610 branches. The Retailing segment operates do-it-yourself and home improvement business from a network of over 40 stores that supply retail customers with products for the home and garden, and a kitchen retail business that trades from over five stores. The Manufacturing segment comprises a manufacturer of dry mortar and a plastics manufacturing business. Its brands are Selco, Buildbase, Plumbase, Chadwicks, Heiton Buckley, Macnaughton and Panelling Centre, among others. more »

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StrollingMolby 15th May '15 1 of 1


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!


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