PIMA BUDGET REACTION
The PEP and ISA Managers Association (PIMA) today welcomed the Chancellor’s planned consultation to maintain current ISA subscription levels to 2009 but called on the Government to consider an increase in overall subscription levels.
Tony Vine Lott, director-general of PIMA said:
[i]‘We are very pleased the Chancellor has listened to our recommendations on subscription levels and has decided to consult on extending the current ISA subscription levels to 2009. As ISA subscriptions now pass the £150bn mark, this will give investors and providers confidence for the longer term. We are delighted the Government is looking to reverse the planned reduction in ISA subscription limits from £7,000 to £5,000 for stocks and shares and from £3,000 to £1,000 for cash from April 2006.”[/i]
[centre][b]Child Trust Funds[/centre][/b]
Tony Vine-Lott said:
[i]“PIMA has been very actively involved in designing the Child Trust Fund Scheme. PIMA welcomes the Chancellor’s decision to consult on extending the CTF to provide further endowments for children at age seven.”[/i]
[centre][b]Savings Gateway[/centre][/b]
Tony Vine-Lott said:
[i]‘PIMA members will look to work with the Treasury to support the roll out of the Savings Gateway as another government mechanism to encourage long term savings.’[/i]
For more information and comment:
Tony Vine-Lott, PIMA
01372 374728
Iain Anderson, Cicero Consulting
0207 665 9532
07785 507045
Notes to Editors:
PIMA – the PEP and ISA Managers Association – represents the interests of over 100 member firms including stockbrokers, banks, fund managers, life offices, building and friendly societies and third party administrators. PIMA’s primary activities include information, technical advice and assistance on PEP/ISA regulations and other tax initiatives; lobbying through political parties, HM Treasury, Inland Revenue and the FSA, for improvements to the ISA & PEP schemes and other tax incentivised saving and investment vehicles.
As one of the leading industry voices around policy towards the creation and implementation of the Child Trust Fund (CTF), PIMA’s course CTF implementation is the industry benchmark for administrators and staff.