Speaking to Money Marketing, Conservative Shadow Treasury Financial Secretary Mark Hoban says although the Tories’ amendments on anti-forestalling measures were rejected from the Finance Bill at committee stage last week, he will be tabling these amendments again at the report stage of the bill.
Hoban says he is hopeful that the Government will respond to pressure to expand the definition of regular contributions to include annual and single contributions, averaged over three years.
He says: “I think that the biggest issue is for people who do not have a regular contribution history and we can do something on that.
“Increasing the special annual allowance from £20,000 to £50,000 is similar to this but it may be easier to do something on regular payments.
“We would like to see something along the lines of an average of the previous three years’ contributions. We want to continue putting pressure on the Government to change this.”