TISA comments on Keydata ISA annoucement by HMRC
TISA – Tax Incentivised Savings Association – is supporting the HM Revenue & Customs decision to protect the interests of investors in Keydata ISA products, by ensuring that they will not be out of pocket as a result of the company selling ISAs that are not fully compliant with the law.
Tony Vine-Lott, TISA Director General says:
“This is very reassuring for Keydata ISA investors and will help to maintain the confidence of investors in the ISA scheme. In addition to being compensated, the announcement that the vast majority of customers will not pay tax on their Keydata ISA investments and will be able to reinvest in a new ISA without losing their tax-free allowance is particularly good news.”
In a bulletin today to its members TISA anticipates that the HMRC will shortly issue a further update to finalise outstanding details and to outline the key implications for ISA managers.
Ends For further information, please contact:
Tony Vine-Lott, Director General, TISA – Tel: 01372 374728, Mobile: 07790 006108 Email: tony.vine-lott@tisa.uk.com
Issued on behalf of TISA by Cauldron Consulting, contact Steve Radford, Tel: 020 3178 7238, Mobile: 07889 903786. Email: steve.radford@cauldron-consulting.com
Notes for Editors
The Tax Incentivised Savings Association (TISA)
TISA is the premier trade association in the UK retail savings and investment industry. By engaging with member firms, government, political parties, regulators and consumer groups TISA’s ultimate goal is always to further consumers’ best interests. It seeks to improve the range, features and quality of savings and investment schemes available whilst at the same time encouraging more people to save for their financial security and peace of mind.
Uniquely, TISA is able to articulate the opinions of the whole savings and investments marketplace through its membership comprising over 120 member firms involved in the supply or distribution of products to the sector and its consumer interest. TISA’s remit extends across the broad spectrum of government sponsored savings and investment vehicles including:
• Individual Savings Accounts (ISAs)
• Child Trust Funds (CTFs)
• Savings Gateway
• Personal Pensions
• Investment Bonds
• Employer based pension schemes
• Wraps and platforms
• Other consumer-centric savings schemes and initiatives.
HM Government uses TISA’s market knowledge and ability to represent the views of both the savings and investments industry and consumers to help it to formulate its policy in this area. Recent TISA successes include improvements to the ISA, the regime in which ISAs operate and simplification of the CTF.