ISAs

An annual cap of £3,600 for a tax-free Junior ISA fits the general consensus and would be in line with stakeholder savings, TISA's Malcolm Small says.

The industry reaction to Junior ISAs has been mixed, with some hailing them a sensible means of saving and others lambasting them as a crude money-saving initiative.

The government will launch a 'Junior Isa' for children next autumn to help fill the gap left by Child Trust Funds (CTF).

ISA allowances for the next financial year could be as high as £10,680 as savers benefit from a Retail Price Index (RPI)-linked increase.

Savings in stocks and shares ISAs were worth £178bn in 2009/10, beating £172bn in cash ISAs, according to ONS figures.

The number of UK people who save every month has reached a two year high, according to a survey from NS&I.

Keydata owes HMRC £12m in unpaid tax, which is more than double previous estimates, according to the FSA.

Cautious Managed was the top-selling sector for ISA investors using FundsNetwork in May, reflecting ongoing market uncertainty.

HMRC today declared kick-out structured products do qualify for ISA investment in a u-turn on existing policy.

The HMRC has reversed its decision to force advisers to contact it about kick-out structured products held in ISAs until it completes a review on the issue.