6 December 2006
Individual Savings Accounts: proposed reforms
The Government has concluded its review of the Individual Savings Account (ISA), which was promised when the regime was introduced in 1999. The conclusion of the review is that ISAs have been successful in meeting their objective of extending the saving habit and spreading the benefits of tax relief more widely across the population.
In order to build on the success of the ISA, the Government has announced that it will make the ISA a permanent feature of the savings landscape. The Government has also announced a package of reforms designed to simplify the ISA regime and increase its flexibility for savers. Taken together, these measures will provide stability for savers, certainty for the industry and a firm platform on which to promote saving in the future. The document published today alongside the Pre-Budget Report sets out more detail on this package of reforms and seeks views from stakeholders about the best way to implement these measures.
'Individual Savings Accounts: proposed reforms' is available in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website. For alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page.
Media links
PDF file of Individual Savings Accounts: proposed reforms (196KB) (ISBN: 978-1-84532-223-9)
Corrigendum: Paragraph 1.11 in the attached document contains a technical error. The paragraph should read "There is a range of investments that are permitted within the ISA regime that are not permitted within PEPs, including stakeholder products and insurance. The Government will align the qualifying investments regime by allowing funds that were held in PEPs to be invested in the full range of ISA qualifying investments."
Related links
Individual Savings Accounts (ISAs)
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