Feb 1 2007
The government has announced that its planned reforms to the individual savings account (Isa) system will now be introduced in April 2008, a year sooner than previously planned.
Ed Balls, economic secretary to the treasury, made this announcement following consultations with Isa providers.
Reforms to be implemented next April include an extension of the Isa programme, the abolition of the distinction between mini and maxi Isas, simplifying transfers from cash to stocks and shares and enabling a straightforward roll over from child trust fund accounts to Isas to encourage saving.
Mr Balls said: "The reforms we will introduce next year will make personal saving simpler and more flexible than ever and encourage every individual to save."
He added that the Isa scheme was a key component of the government's approach to the promotion of saving in the UK.
The Pep and Isa Management Association welcomed the announcement from the government, supporting the new timeframe for the changes.
