TISA responds to 2010 Budget for savers
Responding to the announcement that the subscription limits for Individual Savings Accounts will rise annually in line with inflation, Tony Vine-Lott the Director General of TISA – Tax Incentivised Savings Association – says:
“This is good news. The big uplift in subscription limits this year is extremely welcome but we have long argued for a regular increase in ISA subscription limits and this decision allows savers and the industry to plan ahead with certainty. The revised limits will be announced in October each year and will be rounded up so that they are divisible by 12 to continue to facilitate regular monthly contributions – a principle that TISA successfully argued be adopted when ISAs were first introduced. The current 50/50 split between Cash and Stocks & Shares ISAs will be maintained. I am pleased that the Chancellor recognised the flexible role that ISAs play in helping people save for both the short and long term. ISAs should be at the heart of a national savings strategy and I will continue to argue that a form of Workplace ISA allowing contributions from employers offers an attractive way to encourage further saving, particularly for retirement.“The decision to introduce the Savings Gateway scheme nationally from July this year is another positive step. I am pleased that our representations to allow AIM shares to be held within an ISA will result in a Government consultation programme to take place in the summer and that the expanded use of ‘matched’ savings will be explored. All in all, this is an encouraging budget for savers.”
Ends
For further information, please contact:
Tony Vine-Lott, Director General, TISA – Tel: 01372 374728, Mobile: 07790 006108Email: tony.vine-lott@tisa.uk.com
Issued on behalf of TISA by Cauldron Consulting, contact: Steve Radford, Cauldron Consulting – Tel: 020 3178 7238, Mobile: 07889 903786. Email: steve.radford@cauldron-consulting.com