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Voters want to see ISA limit raised to £20,000


People voting in the general election would like to see the ISA limit raised to £20,000 according to research from investment firm Willis Owen.

The firm asked voters what policies would be important to them in regards to encouraging saving and investing. Over a quarter (27%) said they want to see an increase in the tax-free ISA allowance from £15,240 to £20,000. A quarter of people would also like to see the introduction of some kind of bonus ISA, which would allow unused tax allowance to roll over from on year to the next.

The research also showed that 25% of people are looking to save and invest more this tax year than they did the last one, suggesting ISAs may see an increase in popularity this year. The majority of people wanting to save are young people, with 42% claiming they will save and invest more next year, compared with only 16% of those aged over 55.

Jason Chapman, Managing Director at Willis Owen, said:
“With ISAs continuing to be a popular and straightforward way to save and invest tax-free, people want to use them more flexibly to get the most out of their finances, especially as the economy improves. The Coalition Government recently introduced Help to Buy ISAs, but with no manifesto pledges from the major political parties on a further increase to the limit or ‘roll-over’, the next Government is under pressure to give savers what they want.”

“The introduction of new pension freedoms earlier this month means that the baby boomer generation has a keen appetite for new ways to invest. With the last Government bringing in the biggest changes to retirement income in a generation and people looking to save and invest more in the coming months, savers and investors want big things from the next Parliament.”

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