TISA backs OTS call to simplify ISAs
In response to the Office of Tax Simplification (OTS)report on Simplifying the Taxation of Savings Income Carol Knight, TISA’s ChiefOperations Officer said:
“We warmly welcome therecommendation made by the Office of Tax Simplification and support its call tosimplify ISAs, as too many savers are restricted by the current ISA rules. Inparticular, Lifetime ISA savers face additional penalties when they withdrawtheir money for any reason other than to buy a house or help fund theirretirement, which is an unnecessary deterrent for people. We are workingclosely with the industry to produce practical solutions to overcome the issuesaround savings and help encourage ISA simplification, so that we can helppeople make the most of their money throughout their lifetime.”
TheOffice of Tax Simplification (OTS) report can be viewed here: (https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/711110/OTS_savings_paper_May_18.pdf
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Issued on behalf of TISA by Atlas Partners,for further informationplease contact:
Sarah Evans, telephone: 020 7183 7154 or 07523 609413, email sarah.evans@atlas-partners.co.uk
Email: tisa@atlas-partners.co.uk
Notes for Editors
TISA is a unique,consumer focused membership organisation. Our aim is to improve the financialwellbeing of UK consumers by aligning the interests of people, the financialservices industry and the UK economy. We achieve this by delivering innovative,evidence based proposals to government, policy makers and regulators.
TISA’s growingmembership comprises more than 190 firms involved in the supply anddistribution of savings and investment products and services. These membersrepresent all sectors of the financial services industry, including assetmanagers, insurance companies, fund managers, distributors, building societies,investment managers, third party administrators, FinTech, consultants andadvisers, software providers, financial advisers, pension providers, banks andstockbrokers.
Current themes of TISApolicy work include:
· Brexit:developing proposals for government that will enable the savings andinvestments sector to prosper on a global scale
· Digitalisation:a digital identity for consumers of financial services, innovation, standardsand data responsibilities
· ISAs:LISA, simplification of the regime
· Retirementsaving: the Auto Enrolment review, self-employed and pension tax relief
· Housing:the use of property to supplement retirement income
· Guidance:developing a framework and services to make guidance more widely available
· Education:supporting the education of young people to make them aware of the impact offinance on their life.
TISA also providessupport on a range of operational and technical issues targeted at improvinginfrastructure and processes, standards of good practice and the interpretationand implementation of new rules and regulations. TISA has a successful trackrecord in working cooperatively with government, regulators, HMT, DWP and HMRCto improve industry effectiveness by reducing cost and risk and to enhancecustomer outcomes. This work currentlyincludes: MiFID II, CASS, the UK Fund Trading & Settlement initiative and Payments StrategyForum. TISA Exchange (TeX) is providing a model for transfers andre-registrations.