ISAs

The Investment Management Association (IMA) has written to the Treasury urging the government to consider providing contributions to Junior ISAs at birth.

The government will today confirm a maximum annual allowance of £3,000 for the new Junior ISAs.

With ISA season upon us, Maria Merricks investigates where money is being allocated

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.