CISEA Listing – A Cost Effective Way To Make AIM Shares Eligible For ISAs

The Alternative Investment Market (AIM) is not designated as a "recognised stock exchange" by HM Revenue & Customs (HMRC) and therefore shares traded on AIM cannot be held in a stocks and shares Individual Savings Account (ISA). However, shares which are traded on AIM and also listed on the Official List of Channel Islands Securities Exchange Authority Limited (CISEA) will ordinarily be eligible for inclusion in a stocks and shares ISA due to the fact that the CISEA, unlike AIM, is a recognised stock exchange offering a full listing facility and not just an admission to trading. A dual listing should also provide certain other investors, who are restricted to investing in shares listed on a recognised exchange, with access to AIM quoted companies. ISA managers have shown flexibility in enabling dual listed AIM shares to be included within ISA platforms. These factors, allied to the fact that a listing on the CISEA can be achieved very quickly at a comparatively low