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Tisa calls for tax-free transfers out of bonds

The Tax Incentivised Savings Association is calling for tax-free transfers away from investment bonds, following the Chancellor’s proposed changes to capital gains tax.

In the pre-Budget report last October, Alistair Darling’s suggestion over changes to the CGT scheme raised questions over the attraction and suitability of single-premium investment bonds.

Tisa has written to the Treasury to suggest that savers should be able to switch between investment bonds and providers without incurring a tax event.

It says this would bring it in line with most other tax-incentivised savings plans, like pensions, Isas and child trust funds.

Tisa director general Tony Vine-Lott says: “Tisa believes that single premium investment bonds are a useful tool as part of many consumers’ long-term savings and retirement needs. We believe that enabling bonds to be transferred tax-free in the same way as other major savings schemes would further enhance the attractiveness and suitability of this market, while giving consumers the confidence that they can always choose the best option for their current needs.”

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