BSA comments on the Budget

Commenting on the Budget, BSA Chief Executive, Robin Fieth said:
“The BSA has campaigned for years for the reformation of the ISA rules.  Finally the Chancellor has listened and we are delighted that he has done exactly what we have been calling for:  Increased the limit; delivered a single allowance which no longer penalises savers who want to invest in cash and allowed the transfer of funds in either direction between cash and stocks & shares ISAs.  This will benefit many mid and lower income savers, especially those nearing retirement.  We are also pleased that he has accepted the need to reform the 10p tax rate on savings, this new 0% rate must be simple for savers to claim.
“We also welcome the Chancellor’s proposals to boost house building, particularly  the extension of Help to Buy: equity loan and the support for self-builders.  Care is needed here that incoming regulation from Europe does not undo this welcome boost for self-build.
“Once again, however, the opportunity to reform the slab structure of Stamp Duty, which distorts the housing market has been missed.   Changes are already planned to move to a progressive stamp duty land tax in Scotland in 2015 and we’d encourage the Chancellor to ensure that England does not trail behind.”

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