Why are mini cash ISAs going to be abolished from next year?

Question

I have been investing in a mini cash Isa since 1999, and I have built a pretty good balance (around 30k)...it gives me very good returns (more than 5% tax free) and I am worried that from next year I won't be able to take advantage of this great way of saving and making my money work for me...
Why are they talking about abolishing the Isa?
Are they going to introduce something else just as good?
Thanks for your opinions and informations...

Thank you Steve for your comprehensive answer...
But did you really think I would use my real yahoo account?
This is a fake account with a fake name and I am not even using my computer at the moment...so there is no way anyone can still my identity or mug me in the street....cheers!

Answer 1

From 6 Apr 2008, 'maxi' and mini' terms are discontinued.

They are keeping seperate Stocks&Shares & Cash ISA's.

The main change is that you will be able to subscribe to BOTH a "Stocks & Shares ISA" AND a "Cash ISA".

You total contributions will be limited to £7,200, of which a maximium of £3,600 may be in the Cash ISA ...

NB> - assuming you are earning and don't need the money in a hurry, I highly suggest you check out SIPP's (Self Invested Pension Plans) - if you move your money into your Pension you can now reclaim Tax on an amount up to your annual salary = see 2nd link below

PS. It's not wise to tell the 'world' you have £30k tucked away .. you can now expect to be snowed under by con-merchants, rip-off artists and just normal scam pushing commission hungry 'consultants' and 'personal financial advisers' who will try to convince you to move your hard-earned into their 'guaranteed bond', 'high interest account' or 'unbeatable share scheme' (all of which have one only thing in common - they transfer cash from you to them) .. of course some will just try to steal your identity or mug you in the street ...

Answer 2

From 6 Apr 2008, 'maxi' and mini' words are discontinued. you may enroll in the two a "shares & shares ISA" AND a "money ISA". You entire contributions are constrained to £7,200, of which a maximium of £3,six hundred may be interior the money ISA ...