U.K., Oct. 28 -- UK Parliament issued the following news:
The announcement on cash Individual Savings Accounts (ISAs) made at today's Budget has been welcomed by the Chair of the Treasury Committee, Dame Meg Hillier.
In his speech, the Chancellor confirmed that the government is retaining the annual cash ISA subscription limit at £20,000. It comes after the Committee published a report last year calling for the tax-free allowance not to be cut.
Chair quote
Chair of the Treasury Committee, Dame Meg Hillier, said:
“The decision to cancel the planned changes to Cash ISAs is a victory for common sense.
“As the Treasury Committee report set out last year, these over-complicated changes would have caused confusion for customers and led to problems for building societies who rely upon the money held in Cash ISAs.
“I am delighted the Chancellor has listened to concerns and cancelled the plans. Now the focus needs to be on improving financial education and helping people to access good advice on how to make the most of their savings.”
Further information
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Image: House of Commons/Roger Harris
Disclaimer: Curated by HT Syndication.
