Smaller quoted companies dissatisfied with the current individual savings account allowances are ...
Smaller quoted companies dissatisfied with the current individual savings account allowances are calling on the Government to bring in greater flexibility for tax-free savings.
The Quoted Companies Alliance (QCA), the organisation representing stocks listed on the London Stock Exchange but outside the FTSE 350, is calling for the introduction of what it terms the 'LISA'.
The Long-term individual shareholder account would work by allowing individuals to invest as much as £70,000 over a 10-year period, and if they so wish more than the current Isa maximum of £7,000 a year without the tax penalties that would currently incur.
QCA spokesman Michael Jacobs said: "The Government needs to recognise that most people only sporadically have the capacity to invest and that the current tax-free savings packages do not cater for large, one-off sums."
A spokesman for the Treasury said the whole point of Isas is to encourage higher savings, and that it was already achieving this. Isas were reviewed by the Government as recently as last year.
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