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While the Bank of England has faced the dilemma of how much funding assistance to give to the UK markets without allowing backs to benefit directly, this situation is now being replicated in Europe...
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Wednesday 25th July 2007
The Economic Secretary to the Treasury, Kitty Ussher has today announced new reforms for Individual Savings Account (ISAs).
The new measures are hoped to make ISAs more appealing by increasing their security, simplicity and flexibility, and also upping the amount that can be saved in them.
ISAs will now be available indefinitely, all Personal Equity Plans (PEPs) will automatically become stocks and shares ISAs and it will be possible to transfer money betwwen cash ISAs and stocks and shares ISAs.
Also, a new structure will remove the distinction between mini and maxi ISAs.
Ms. Ussher said: "The ISA has been successful in helping more people to save in a tax-efficient way.
"Over 17 million people now invest in an ISA, more than double the number who ever held a TESSA or PEP.
"These reforms - to come into effect in April next year - will build on the success of ISAs, making them even more attractive by allowing people to save more, and by being more flexible and simpler to use."
The Investment Management Association (IMA) has urged investors to take advantage of these changes.
Richard Saunders, chief executive of IMA said: "We have long called for improved incentives to ISA saving.
"Making the ISA a permanent feature of the savings landscape and removing the distinction between mini and maxi ISAs will make the ISA easier to understand and should encourage savers to take advantage of their attractive benefits.
"We would strongly urge all investors to use ISAs as building blocks for their savings."
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