People should find their individual savings accounts (Isas) are simpler and more flexible when new regulations come in to force on Sunday, the government has claimed.
Angela Eagle, exchequer secretary to the treasury explained that the new rules which take effect from Sunday will benefit millions of people.
She said: "The government has introduced this package of reforms to make Isas simpler and more flexible. This year, over 17 million existing Isa holders will benefit from these reforms. The reforms will also benefit all those people who are thinking about saving in an Isa for the first time."
Ms Eagle added that the reforms should ensure that tax relief on savings is more fairly distributed.
Under the reforms, the Isa investment allowance will increase to £7,200. 3,600 of this can be saved in a cash Isa, with the remained used for stocks and shares Isas .
Earlier this week, a survey by Barclays Stockbrokers found that a third of Isa investors have picked their own product, rather than relying on a financial advisor .
Isas to be simpler, government claims
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Isas to be simpler, government claims
Fri, 04 Apr 2008
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