Nationwide: ISA reform needed in budget
www.moneynews.co.uk > Banking > Nationwide: ISA reform needed in budget
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Money News |
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Nationwide: ISA reform needed in budget
Tue 21st Apr 2009
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Nationwide has called upon the chancellor to reform the regulations governing individual savings accounts (ISAs) ahead of tomorrow's budget announcement.
The building society conducted research which reveals that around 70 per cent of the UK's population is currently not taking advantage of the tax-free savings allowance offered by ISAs.
Nationwide wrote a letter to the chancellor claiming that increasing the flexibility and simplicity of ISAs would help more people to save.
Graham Beale, Nationwide's chief executive, added: "Increasing the ISA subscription limit to counter the effect of inflation over the past ten years would [also] provide an added incentive for consumers to save."
Currently, ISAs allow people to earn tax-free interest on savings of up to £7,200 per year. Nationwide recommended that this figure be increased to £8,735, to reflect inflation.
Alistair Darling will announce his decision on this and other issues in his budget tomorrow.
Click here for more banking news
Related News : Banking |
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Related News : Nationwide |
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