This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.
X
MM+cover+small+241014
Categories:Investments

Treasury sets out new Isa protection rules

  • Print
  • Comments (1)

Hoban.jpg

The Treasury is to change its Isa rules to allow investors who lose their savings a result of the collapse of a financial firm to reinvest their money without affecting their annual allowance.

Under current rules, any sum lost due to the collapse of a provider would fall under the annual allowance, currently £10,680, although the Government has made allowances for several high-profile failures in the past.

The BBC reports that Treasury financial secretary Mark Hoban has outlined, in a statement to MPs, plans to allow investors that have lost money to reinvest the equivalent amount in the same year without affecting their annual allowance.

Hoban says: “[The changes] will enable investors whose Isas are affected by the failure or default of a financial firm to continue to benefit from tax-advantaged savings.”

He added: “They also demonstrate the Government’s commitment to ensure that the Isa remains a secure, accessible and tax-advantaged saving product.”

  • Print
  • Comments (1)

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

The Money Marketing CPD Centre
Build your annual CPD - you can log and plan your CPD hours for free with The Money Marketing CPD Centre.

Taxbriefs Advantage
Advantage is a digital reference source giving unbiased, independent, answers to your technical queries. Subscribe to Taxbriefs Advantage.

Readers' comments (1)

  • And the cheque made payable by the IFA who "Advised" on the product?

    Unsuitable or offensive? Report this comment

Have your sayEdit my profile/screen name

You must sign in to make a comment

Fund Data

Editor's Pick



Poll

Do you think Citizens Advice is capable of delivering a good at-retirement guidance service?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments