Leading questions

Article Abstract:

United Kingdom individual savings accounts (Isas) have been criticised as too complex. They were launched after a long consultation process, and a number of changes were made to the original plan as a result of that process. Members of the public are often confused about regulations relating to Isas, as are many employees from financial institutions. Investors may discover that they have plans that are invalid because they have not understood the rules. There is a case for simplifying the rules for Isas, and for making some rules for the previous scheme of Peps similar to those of Isas.

Public Finance Activities, Tax Administration, Cover Story, Tax administration and procedure

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Take a last look at Tessa, the tax-free savings account

Article Abstract:

Low interest rates have affected United Kingdom tax-exempt special savings accounts (Tessas), but they still offer the advantage of interest on which no tax is due. Taxpayers aged 18-years-old and over can open Tessas, with a limit of one account per investor. Tessas are to be replaced by individual savings accounts, or Isas, which have a lower limit on how much cash can be saved, at annual 1,000 pounds sterling compared with an initial 3,000 for a Tessa, with 1,800 pounds for following years.

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