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PIMA WELCOMES EXTENSION OF ISA SUBSCRIPTION LEVELS

March 16, 2005

The PEP and ISA Managers Association (PIMA) welcomes the Chancellor’s Budget decision to extend current ISA subscription levels to 2010 and to continue the current overall subscription levels which were set to be reduced from April 2006.

In today’s Budget statement the Chancellor announced the results of his recent consultation on 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 as well as the lifespan of ISAs.

Tony Vine Lott, Director-General of PIMA, said:

[i]‘We have maintained an intense lobby of the Treasury and Inland Revenue on this issue and we are very pleased the Chancellor has listened to our views to reconsider subscription levels, and in response, has decided to extend the life of ISA subscription levels to 2010. This will give investors and providers confidence for the long term.’[/i]

[b]For comment on the Budget, please contact:[/b]

Tony Vine-Lott – Director-General, [b]PIMA[/b]
01372 374728
07790 006108

Iain Anderson / Jacob Coy -[b] Cicero Consulting[/b]
020 7665 9530
07785 507045