What are the options in terms of 'near cash equivalents' that you can hold in a stocks and shares ISA?
You can actually hold cash in your account as long as the manager has reason to believe it is awaiting investment.
As for your question, some near cash equivalents are:
- money market holdings
- government bonds
- marketable securities
- commercial paper
- preferred stock near redemption
It's difficult to go into more detail about which investments are eligible due to the variety of risk characteristics, but you can certainly find investment opportunities in the assets mentioned above. A good money manager can advise you better since he'll have an idea of their risk characteristics as well as tax status.