PIMA welcomes Government move to increase ISA limits
PIMA warmly welcomes the Government’s move to increase ISA limits to £7,200; with the allowance for cash rising to £3,600. The higher limit will allow more people to save for the future through the Government’s flagship savings programme. This move in tandem with the reforms to the ISA regime announced at PIMA’s recent annual conference will encourage savings for the short, medium and long-term.
PIMA has long sought an increase to the contribution limit as a critical feature of a broader package of reforms to make ISAs more consumer-friendly. The 2007 Budget confirms these, enhancing the savings environment in the UK.
[b]PIMA Director General Tony Vine-Lott said, ‘We welcome these rises in annual contribution limits and are particularly pleased that the Treasury adopted the PIMA argument that all limits should be divisible by 12. This move simplifies limits for consumers and industry. Overall, this Budget should be welcomed by savers in the UK.’[/b]
For more information:
Tony Vine-Lott, Director-General, PIMA
07790 006108
Iain Anderson or Jacob Coy, Cicero Consulting
020 7665 9535
07886 197086