Fidelity urges Darling to reinstate ISA dividend tax credit

In a letter to the Chancellor, Fidelity International's UK managing director, Gary Shaughnessy, says the company was "disappointed" by the removal of the tax credit on dividends from shares held within in ISA. He says the withdrawal of this credit ensured equity ISAs were no longer perceived to be tax-free. Fidelity estimates the re-introduction of the dividend tax credit could increase the returns of existing savers by up to 13% over 10 years and would encourage new saving. The company says this would contribute to reversing the recent collapse in Britain's savings rate and be in lin...