New Isa rules need to be publicised more

March 27, 2008 by admin  
Filed under News, News-Banking

More should be done to publicise the changes to the rules surrounding individual savings accounts (Isas), one financial expert has claimed.

According to Moneyfacts, the introduction of changes to the rules in the new tax year from April 6th, which are anticipated to attract more customers to the product, need to be more widely publicised outside of the trade press.

Michelle Slade, spokesperson for Moneyfacts, said: “They probably should do something more to advise customers out there what is going on.”

“The fact that they can now put in an additional £600 and it’s tax free… Obviously that’s the first port of call for anybody who’s going to take out savings,” she added.

In the new tax year, beginning April 6th, the rules for Isas are changing. There will no longer be distinctions between mini- and maxi-Isas:

Now all Isas will have an overall limit of £7,200, of which £3,600 can be saved in cash (under present rules there is a £3,000 cash limit).

Tags: product, introduction, tax, Rob Fisher, spokesperson

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