TISA's primary activities include Lobbying political parties, HM Treasury (HMT), HM Revenue & Customs (HMRC) and the Financial Services Authority (FSA) for improvements to the various tax incentivised saving and investment vehicles; Networking across the industry, opportunities at TISA events including our Annual Conference, Discussion Forums and Executive Lunches; Information, providing technical advice and assistance on scheme regulations; Training, delivering a number of ad-hoc seminars on topical issues as well as various courses on ISA and CTF administration.
TISA has had a number of notable successes following lobbying activity:
• Improvement of the ISA scheme. TISA has worked closely with HMRC and HMT over the years, promoting evolutionary change and maintaining the subscription limits to enhance the appeal of the scheme to the industry and the public.
• Successfully lobbying for simplification of the CTF. The Government accepted our proposals on the design of the CTF - that it should be based principally on the existing ISA rules and, more recently, that the account will roll-over into an ISA when the child reaches 18 yrs of age.
• Successfully lobbying for the Government to adopt the proposal of amalgamating the insurance component with the stocks and shares component within ISAs.
• Involvement with HMT and the HMRC on many issues including Sandler products proposals, Property Investment Funds (REITS), UCITs, the simplification of the pension regulations and ISAs.
• Successfully lobbying to extend life of ISAs. In November 2006, at our Annual Conference, the Government confirmed that ISAs are a permanent feature of the savings landscape.
• Switching between Components. TISA proposed that switching between components should be available to investors. From 6 April 2008, it will be possible to switch from a cash ISA to a stocks and shares ISA, providing greater flexibility and generating a higher level of savings over time particularly therefore benefiting those savers wishing to transfer mature TESSA capital into their stocks and shares ISA.
• Simplification of the ISA regime. From 6 April 2008, the structure of ISAs will be much more straight-forward and easier to understand.
However, there is still much to be achieved and work continues, lobbying for:
• A joint government/industry strategic marketing and communications plan for the Child Trust Fund to ensure that everyone potentially involved in this groundbreaking initiative can maximise this opportunity for all children in the UK.
• Confirmation of an additional contribution for CTF at secondary school age.
• Modifications of technical aspects of the CTF regime allowing registration without the requirement for a physical voucher.
• No major ISA rule changes in tax year 2008/9to allow 2006 Review changes to ‘bed in’ .
• A clear, transparent and systematic formula for up-rating yearly subscription limits for ISAs, CTFs, and other tax-incentivised savings schemes.
• Change the rules to allow the maintenance of tax-advantaged status when moving funds between or from one scheme or product to another.
• Direct linkage of Saving Gateway to ISAs
• Implement group pensions auto-enrolment prior to 2012. TISA believes the message to the public should be to ‘Save now for your future’
• The creation of a ‘Savings for Life’ Account to allow people to manage their savings in a tax advantaged environment throughout their lifetime.
• Development of a consumer-friendly website and information line for all Government savings schemes modelled on the Child Trust Fund information services, allowing savers to gain a broad range of information from a single, non-biased source.
• Collective Representation. Joint representation with other Trade Associations in relation to ongoing consultations with HM Government, HM Treasury, Inland Revenue, statutory regulatory bodies and other relevant authorities to actively promote and represent members’ interests.
