Changes to individual savings accounts will "make things simpler" for savers, an expert has stated.
The changes are due to be implemented in April next year and will allow savers to "mix and match" their savings accounts, a spokesperson for the Tax Incentivised Savings Association has said.
The changes will allow savers to put £3,600 a year into an individual savings account and £7,200 into stocks and shares individual savings accounts.
Peter Shipp, the technical director of the association, has commented that individual savings accounts will be easier to understand and will encourage people to save.
"It will certainly make things simpler - it is one of the simplifications that we as an association have been lobbying for [over] some years," he remarked.
Individual savings accounts will have administrative convenience and will save people from capital gains tax that they might incur if they invested in property, he added.
The Tax Incentivised Savings Association represents the interests of over 100 member firms including stockbrokers, banks, fund managers, life offices, building societies and third-party administrators.
Savings will be made easier, expert has said
Savings will be made easier, expert has said
Tue, 07 Aug 2007
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