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Treasury looks at SLH bid for healthcare Isa

The Treasury is considering letting consumers buy more than one Isa

following lobbying from Standard Life Healthcare.

SLH managing director Mike Hall wrote to the Government&#39s head of

financial services Paula Diggle requesting a meeting to discuss the

possibility of a ringfenced health Isa.

The company, formerly Prime Health, has been told by a Treasury insider

that the Government is seriously considering the possibility of health Isas

as part of its Isa review next April.

Allowing people to take more than one Isa would require changing the law.

The product would work in the same way as a conventional Isa but with

investors barred from using the returns on anything not related to

healthcare costs, which would include long-term care.

The proposed new Isa could also be used to help pay for welfare such as

covering the costs of unemployment through sickness or injury.

Although SLH&#39s plans are embryonic, the company says any health Isa would

be operated through Standard Life Investments. Health Isas would be likely

to be attractive to both investment as well as protection intermediaries.

SLH spokeswoman Gillian Gibbons says: “The product would suit both

investment and specialist healthcare advisers and would not require either

of the specialist areas although it may suit advisers who are already

selling protection.”

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