We are pleased to send you your Spring 2008 À valuation - we hope you will like the new format.

What's happening to ISAs?

Higher Maximums - The maximum contribution level will be raised to £7,200, with up to £3,600 available to invest in Cash ISAs, so you can save even more tax-free. Get the most from your ISA - put in as much as you can afford, as soon as you can.

Greater Flexibility - The confusion for over 16 million savers between Maxi and Mini ISAs will be removed from April. You now have ONE overall allowance, which can be split between Stocks and Shares and Cash in any proportion with a maximum of £3,600 in Cash.

Cash ISAs and TESSAs can be moved - You will now be able to move some or all of your previous years' Mini Cash ISAs and TESSAs into your Stocks and Shares ISA account. The transfers can be of any size and do not affect this year's allowance. Remember, you can NOT transfer back into Cash ISAs afterwards.

Goodbye PEP. ª Hello ISA. The 3.7million existing PEPs will also be harmonised and incorporated into the ISA system. Any previous General or Single Company PEP will become known as an ISA and may be transferred in the usual manner.

New Launch: Allenbridge Strategic Alpha Fund

Please see overleaf for details of our attractive new Fund of Funds vehicle. ã For all those of you who have so often told us how much you value the quality of our research, but don't have time to act on our recommended changes, the Strategic Alpha Fund is, we believe, the solution. Our skilled and experienced investment team, with an outstanding track record over the past six years, will constantly monitor performance and make any necessary changes, to optimise your returns.

Cash within Fund Supermarket accounts

Importantly, if you do not wish to lose your ISA allowance, but have not yet decided which fund(s) to select, or similarly, if you are effecting a ø PEP or ISA transfer and don't know which new fund(s) to move into, then this option could be for you. We refer you to the article in ISA Direct 31 on how you can incorporate use of cash or funds such as BlackRock UK Absolute Alpha or Newton Phoenix Multi Asset, within your Stocks and Shares ISA accounts to help you manage risk within your portfolios. This facility may even help you protect your account from being subject to further downturns in the stockmarket.

Fundsnetwork's ISA Cash Park. This is Fundsnetwork's version of the Cofunds Cash Reserve. It is a holding account within the ISA and pays a gross rate of 0.4% below the Bank of England Base Rate. You can invest your allowance in it until you decide when to pick funds later in the year.