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IFAs welcome new Isa limit

IFAs welcomed Chancellor Gordon Brown’s decision to extend the Isa limit of £7,000 for the next five years.

But there is disappointment that the expected simplification of the Isa rules failed to appear. Current rules concerning mini and maxi Isas are confusing consumers and IFAs say simpler, more understandable rules might boost sales.

The decision to lower the age limit of Isas to 16 year olds is welcomed but restricting them to cash Isas is seen as a further complication to the rules.

Hargreaves Lansdown investment manager Ben Yearsley says: "It is making things more complicated. Why do one and not the other. Why is the cash element more attractive to the stocks and shares option. It’s a good move but has not gone far enough."

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