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Balls to allow cash Isas to transfer to equities

The Treasury is to allow monies accrued in cash Isas to be transferred into equity Isas as part of its Isa reforms.
Speaking at the ABI Saver Summit today Balls said the Government hoped the measure would further encourage long-term saving.
Balls said a differentiation in the limits for cash and equity Isas will still exist under the reformed Isa structure which will be fleshed out in the pre-Budget report.
Balls said wrapping Peps within the Isa vehicle will cut down admin costs for providers and although this will be compulsory, providers will not have to bring individual Isa and Peps accounts into a single regime.
Balls said: “We are proposing to allow transfers from cash Isas into shares. By removing this restriction it will increase share ownership. More details will be announced in the pre-Budget report.”
IMA chief executive Richard Saunders says: “Today’s announcement that the Government will allow investors to move savings currently held in cash ISAs into the stocks and shares component, without penalty, is most welcome. This is good news for savers who have built up sufficient precautionary savings in cash and who wish to access the potential returns of the stock market over the longer term.”

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