TISA applauds changes to improve ISAs for consumers

The Tax Incentivised Savings Association (TISA) applauds the Government’s move to improve the ISA regime for savers.

The key elements were announced last year at the 2006 TISA Annual Conference and have subsequently been put into law today via Statutory Instruments (SI) laid in the House of Commons. The key changes allow savers to put away more money in both cash and stocks and shares while simplifying the regime in overall terms and converting PEPs into stocks and shares ISAs. The changes will take effect from April 2008.

Since the Government announced its intention to reform the ISA regime, TISA and its members have worked tirelessly with HM Treasury and HMRC to ensure the best outcomes for consumers. Today’s SIs are reflective of that work and TISA would like to take a moment to extend thanks to all who have taken part in that process.

Director General Tony Vine-Lott said, ‘The enactment of the ISA reforms will lead to better outcomes for consumers as a result of a major lobbying win by TISA and its members. These changes will make it even easier for savers to prepare for the future throughout their life. Coming off a record year for ISAs, we anticipate the momentum to save via the Government’s flagship vehicle to continue and gather pace well into the future.’