TISA applauds changes to improve ISAs for consumers
The Tax Incentivised Savings Association (TISA) applauds the Government’s move today to improve the ISA regime for savers. The key elements were announced last year at the 2006 PIMA Annual Conference and have subsequently been put into law today via Statutory Instruments (SI) laid in the House of Commons. The key changes allow savers to put away more money in both cash and stocks and shares while simplifying the regime in overall terms and converting PEPs into stocks and shares ISAs.
The changes will take effect from April 2008.
Since the Government announced its intention to reform the ISA regime, TISA and its members have worked tirelessly with HM Treasury and HMRC to ensure the best outcomes for consumers. Today’s SIs are reflective of that work and TISA would like to take a moment to extend thanks to all who have taken part in that process.
Importantly, the publication of the regulations at this juncture allows media, firms, and Government to effectively communicate the changes to the nation’s savers.
Director General Tony Vine-Lott said,
[i]‘The enactment of the ISA reforms will lead to better outcomes for consumers as a result of a major lobbying win by TISA and its members. These changes will make it even easier for savers to prepare for the future throughout their life. Coming off a record year for ISAs, we anticipate the momentum to save via the Government’s flagship vehicle to continue and gather pace well into the future.'[/i]
For more information:
Tony Vine-Lott [i]Director-General, TISA[/i] 07790 006108
Peter Shipp [i]Technical Director, TISA[/i] 01642 207207
Iain Anderson or Jacob Coy [i]Cicero Consulting[/i] 020 7665 9535 / 079 0039 2531
Notes to Editors
TISA is the leading trade body on ISAs, CTFs, and other forms of tax-incentivised savings.
There is in excess of £300 million saved in ISAs, PEPs and CTFs in the UK by around 20 million individuals.
TISA’s members are a wide cross-section of banks, life companies, investment managers, administrators, stock brokers, IFAs and other leading companies in the financial services industry.
TISA has been participating and leading on the ISA communications group set up by HM Treasury. Its recent paper "Explaining the new ISA regime" is posted here.