Measures1 that came into force on 8 January 2003 allow the repair of certain invalid ISAs (other than Junior ISAs)2 subscribed to after 6 April 2001. These rules mean that it is often unnecessary to close down an ISA where a straightforward error has been made by an investor. Instead, with HMRC's permission, the ISA manager may repair the invalid ISA. Some or all of the investments in an invalid ISA may continue in the repaired ISA, but although repaired ISAs have the benefit of tax relief for the future they lose tax relief up to the date on which HMRC notify the account manager or the account investor
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