Rule changes to the Isa regime will come into effect by April 2008, one year sooner than previously outlined by the government, the Treasury has announced.
Ed Balls, economic secretary to the Treasury, says the reforms, first announced in the Pre-Budget Report 2006, mean Isas will be extended indefinitely, with a guarantee the annual maximum investment level will remain at least £7,000. "ISAs are a vital part of our approach to promoting saving. Over £220 billion has been invested in ISAs since 1999 and over 17 million people in Britain now have an ISA, more than double the number that held TESSAs or PEPs,” Balls said. Other changes include bringing Peps within the Isa wrapper, removing the distinction between mini and maxi Isas, allowing ...
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