A media outlet has called for George Osborne to to give Royal Mail share applicants their full ISA allowance back following the share scale-back. The report points out that many applicants have invested up to £10,000 into their ISA, but only ended up with £750 worth of Royal Mail shares.
This is Money points out that those who withdrawn the returned cash out of their account have now lost their respective ISA allowance for the year. Under current rules, it is also not possible to move this returned cash into a cash ISA.
It is claimed that investors are now faced with the prospect of investing their returned cash in other stock market investments that they hadn’t originally intended to buy.