And for anyone who does not use the full £20,000 allowance, there is no reason to open a UK Isa instead of a standard stocks and shares Isa that offers all the same investment options, plus many, many more.
There is also a question of whether the UK Isa will be allowed to pay interest on cash, so it could well end up as a poor alternative.
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Time will tell if the UK Isa ever comes into existence, but even without it, we are still a long way off a simple Isa regime.
Lisa Webster is a senior technical consultant at AJ Bell
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