Hunt to Overhaul ISAs this autumn

ZeroSum

The thing I'd like to see, is the ability to subscribe to more than 1 in each year.
I might want to split my cash bit between fixed rates & easy access with different providers. Similar with P2P, Loanpad don't offer fixed rates, but kuflink do. But I can't have an IFISA in both unless I only invest in each in alternate years

Altior

By pure coincidence (sort of!), James Shack cites a study that finds that 73% of the population don't understand the impact of inflation on their savings, or how pensions work. The video at large happens to be about this topic. 

The end of tax free savings as we know it - YouTube

masonic

ZeroSum said:

The thing I'd like to see, is the ability to subscribe to more than 1 in each year.
I might want to split my cash bit between fixed rates & easy access with different providers. Similar with P2P, Loanpad don't offer fixed rates, but kuflink do. But I can't have an IFISA in both unless I only invest in each in alternate years

There were some murmurs of a real-time reporting system that would be capable of enabling the ISA allowance to be managed between multiple providers, but all has gone quiet on that front.

zagfles

Altior said:

By pure coincidence (sort of!), James Shack cites a study that finds that 73% of the population don't understand the impact of inflation on their savings, or how pensions work. The video at large happens to be about this topic. 

The end of tax free savings as we know it - YouTube

I'm surprised it's only 73%!! Even some MSE regulars don't seem to understand it:

https://forums.moneysavingexpert.com/discussion/6474409/scared-of-exceeding-psa/p4

ColdIron

I wonder how easy it would be to waive Stamp Duty (SDRT) on share purchases in an ISA

It wouldn't cost the Treasury too much and send the right message. It would probably need to be extended to pensions

boingy

Of course, when he says "overhaul" it might be for the Treasury's benefit rather than ours.

friolento

boingy said:

Of course, when he says "overhaul" it might be for the Treasury's benefit rather than ours.

Or to the benefit of his donors.

TheAble

greatkingrat said:

TheAble said:

I thought it would be along the lines of £20,000 + £X of which the £X could only be invested in UK stocks (but you can still do with the £20k whatever you want).

Agree the question of what happens if you subsequently sell the UK stuff is a tricky one. Maybe the X facility simply gets reserved to allow UK investments only - whether you sell them or not in the meantime doesn't matter.

So I could just invest the extra £2k or whatever in a UK tracker fund, then move my normal £20k from a global tracker to a global (exc UK) tracker in order to keep the balance the same!

Not quite following you. Are you saying:

- Put 20k in a global tracker
- Put 2k in a UK tracker
- Sell the 20k's worth of global tracker and put it in a global ex-UK tracker?

You could do that but what's the point of the third step? Just put the initial 20k in a global ex-UK.

Kaizen917

I cant imagine them going for overhaul without royally messing with us in some way but hope Im wrong.

But allowing myself to dream for a moment as a consumer, two possible qualities of life off the top of my head:

1) if technology finally makes it easier to track, allow for picking of multiple providers in a single year (so long as they sum up to 20k) 

2) Do some tweaks to the terms on the LISA to make it more popular for providers to offer. Not counting the 4k limit towards the total 20k would be a great bonus which I dont reckon is too much to ask given how this is almost limited like a SIPP and that the 20k limit hasnt moved for years anyway.

refluxer

Altior said:

By pure coincidence (sort of!), James Shack cites a study that finds that 73% of the population don't understand the impact of inflation on their savings, or how pensions work. The video at large happens to be about this topic. 

The end of tax free savings as we know it - YouTube

At the other end of the scale, for those savvy (and wealthy) enough to max out their ISA allowance each year, I notice the idea of a £100k lifetime cap is mentioned as a possibility again - this would inevitably raise a huge amount in extra taxes, so doesn't seem like such a far-out idea.

If a cap was to happen, I wonder how this would work for those already over that amount ? Presumably they wouldn't be forced to remove the excess but it would mean that they couldn't put any more money in.