TISA - Tax Incentivised Savings Association - Releases

TISA backs OTS call to simplify ISAs

In response to the Office of Tax Simplification (OTS) report on Simplifying the Taxation of Savings Income Carol Knight, TISAs Chief Operations Officer said:

We warmly welcome the recommendation made by the Office of Tax Simplification and support its call to simplify ISAs, as too many savers are restricted by the current ISA rules. In particular, Lifetime ISA savers face additional penalties when they withdraw their money for any reason other than to buy a house or help fund their retirement, which is an unnecessary deterrent for people. We are working closely with the industry to produce practical solutions to overcome the issues around savings and help encourage ISA simplification, so that we can help people make the most of their money throughout their lifetime.  

The Office of Tax Simplification (OTS) report can be viewed here:  (https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/711110/OTS_savings_paper_May_18.pdf

Ends.

Issued on behalf of TISA by Atlas Partners, for further information please contact:

Sarah Evans, telephone: 020 7183 7154 or 07523 609413, email sarah.evans@atlas-partners.co.uk 

Email: tisa@atlas-partners.co.uk

 

Notes for Editors

TISA is a unique, consumer focused membership organisation. Our aim is to improve the financial wellbeing of UK consumers by aligning the interests of people, the financial services industry and the UK economy. We achieve this by delivering innovative, evidence based proposals to government, policy makers and regulators.

 

TISAs growing membership comprises more than 190 firms involved in the supply and distribution of savings and investment products and services. These members represent all sectors of the financial services industry, including asset managers, insurance companies, fund managers, distributors, building societies, investment managers, third party administrators, FinTech, consultants and advisers, software providers, financial advisers, pension providers, banks and stockbrokers.

Current themes of TISA policy work include:

     Brexit: developing proposals for government that will enable the savings and investments sector to prosper on a global scale

      Digitalisation: a digital identity for consumers of financial services, innovation, standards and data responsibilities

       ISAs: LISA, simplification of the regime

      Retirement saving: the Auto Enrolment review, self-employed and pension tax relief

       Housing: the use of property to supplement retirement income

       Guidance: developing a framework and services to make guidance more widely available

     Education: supporting the education of young people to make them aware of the impact of finance on their life.

 TISA also provides support on a range of operational and technical issues targeted at improving infrastructure and processes, standards of good practice and the interpretation and implementation of new rules and regulations. TISA has a successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve industry effectiveness by reducing cost and risk and to enhance customer outcomes.  This work currently includes: MiFID II, CASS, the UK Fund Trading & Settlement initiative and Payments Strategy Forum. TISA Exchange (TeX) is providing a model for transfers and re-registrations.