Rightmove Share Price (RMV)

Blackrock have increased again, now at 47,722,307 or 6.31%

Investors are starting to warm again towards buy and hold funds such as Lindsell Train, these guys have been sellers in the past few months possibly due to redemption's.

Up 7% on Friday, down 3% today, really.

Quiet day overall so just adding a few things to the ISA discussion here.

The parliament Treasury Committee first challenged and pushed back against the overall ISA changes in October, more details in the links in here:

https://committees.parliament.uk/committee/158/treasury-committee/news/211308/government-responds-to-cash-isa-report/

The point first raised below by Ken23 was then noted in an HMRC newsletter:

https://www.gov.uk/government/publications/tax-free-savings-newsletter-19/tax-free-savings-newsletter-19-november-2025

"3. Cash ISA limit

- tests to determine whether an investment is eligible to be held in a stocks and shares ISA or is ‘cash like’

- a charge on any interest paid on cash held in a stocks and shares or Innovative Finance ISA"

But the Treasury Committee still didn’t seem too impressed in January after receiving the government reply - Chair of the Treasury Committee, Dame Meg Hillier, said:

“The Treasury’s ambition is commendable, but I remain to be convinced that these reforms will drive the cultural change that Ministers want to see.

"In her proposed changes, the Chancellor risks complicating the ISA landscape and confusing consumers.

“It is now clear where the Government stands on the issue. The next step is to see how this complex product will be delivered in the real world.”

Those points tying into Trouts’ post below.

While it’s still just a proposal going through consultation it will need to go to parliament fairly soon to allow ISA managers time to implement any changes before next April. It can only be hoped it's another one of Reeves' flag raising exercises and will then be watered down.

Interesting comment from AJ Bell on this:

"And while HMRC has proposed new rules to charge interest paid on cash held in Stocks and shares ISAs, it didn’t use the [word] ‘tax’ in its announcement. We don’t know whether its choice of wording was intentional yet, and whether any new charge would simply be income tax or a different type of charge. Another interesting point is that before changes to simplify ISAs in 2014, cash awaiting investment could be held in a Stocks and shares ISA without a tax charge, and it was up to the ISA manager to assess this."

https://www.ajbell.co.uk/news/what-we-do-and-dont-know-about-cash-isa-changes

Broker commentary will be interesting in the weeks ahead as they will be the ones at the forefront of implementing and managing any changes that make it into final policy.

Good to see the directors still think this is in bargain territory. Onwards and upwards from here.

This all smacks of another blunder in our increasingly complex tax system. Policy objective: "We want to encourage investment in UK Stocks and Shares". Action: "Restrict what people can save tax free in a Cash ISA". Unintended consequence: "People hold cash (or cash like instruments) in Stocks and Shares ISAs". Action: "Tax the return on cash in an investments ISA". Unintended consequence: "People invest less wisely, not holding cash when they should".

This kind of tinkering is why our tax code runs to hundreds of pages. I've always thought that allowing the holding of international stocks in an ISA is an anomaly. If we accept that capital gains are taxed, why do we allow investment in overseas companies to benefit from taxpayer cash subsidy? Surely ISAs should be limited to UK listed investments. This would have the benefit that more fund managers and even companies may choose to list in the UK to capture some of that pool of money. If you want to invest in US tech stocks, go ahead. But you'll have to do it in a trading account and pay tax on your gains. Oh, and don't even get me started on Stamp Duty!

Let's use tax incentives to encourage desirable outcomes. Pensions/SIPPS should be left alone... no more restrictions on those please! Keep it simple, not add a whole new set of pages defining what "cash" means in a stocks and shares ISA.