The kind of investments which may be purchased and held under a stocks or shares NISA are:

(1)shares, (other than in an investment trust), issued by a company wherever incorporated, and either officially listed on a recognised stock exchange or in the European Economic Area, admitted to trading on a recognised stock exchange (SI 1998/1870, reg. 7(2)(a)). From 1 July 2014, the previous requirement that the investor should not be entitled to a secured minimum return within five years was removed;

(2)‘qualifying securities’, i.e. loan stocks or similar securities (whether secured or unsecured) issued by companies, wherever incorporated, and where:

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