New ISA rules will encourage long-term savings
New regulations from 6 April 2008 will give those with cash savings more flexibility than ever before. Savings in Cash ISAs will be able to be moved into stocks and shares without affecting annual subscription limits. That’s good news for those who are concerned about investing now but are optimistic about more favourable market conditions later in the year.
TISA believes that people should continue to put aside savings in spite of the market instability so that they will have security into the future. These new rules will assist them in doing that. While some may be tempted to either leave the market or stop saving, TISA believes that savers should do what they can to take advantage of their annual ISA allowance before the end of the tax year on 5 April 2008. TISA recommends that consumers contact their preferred financial provider or independent financial adviser right away.
TISA Director General Tony Vine-Lott said,
‘We continue to be optimistic about ISA savings in this tax year. The best thing about the ISA regime is the choice of investments and cash products—from UK and overseas equities to corporate bonds and gilts which they can invest in directly or through collective investments. Regardless of where the market is, investors should take confidence that they can make the right choice for their ISA and benefit from tax-incentivised savings.’
NOTES TO EDITORS:
TISA is the trade association for the retail financial services sector. TISA works to improve tax incentivised savings schemes and promotion of savings in the UK. TISA works closely with industry, parliamentarians, HM Treasury, HM Revenue & Customs and the Financial Services Authority to enhance and improve the range, features, benefits, promotion and quality of savings schemes available to all savers in the UK. These include Individual Savings Accounts, Child Trust Funds, personal pensions, employer-based schemes, and other consumer-centric, Government savings schemes and savings initiatives.
For more information visit www.tisa.uk.com or email enquiries@tisa.uk.com
For more information, please contact:
Jacob Coy, Cicero Consulting
+44 7900 392 531 or jacob.coy@cicero-europe.com
Tony Vine-Lott, Director General of TISA
+44 1372 374 728 or 0790 006 108 or tony.vinelott@tisa.uk.com