Oral Answers to Questions

Debate between John Glen and Gregory Campbell

Tuesday 22nd May 2018 Commons Chamber

[John Glen]

I am taking this up further, but I am concerned not to put a misleading flat-rate percentage on there, given that most savers who make an unauthorised withdrawal will pay a different amount according to their circumstances.

[Mr Gregory Campbell (East Londonderry) (DUP)]

We have junior ISAs, cash ISAs, stocks and shares ISAs and lifetime ISAs. Will the Minister consider simplifying the entire ISA system to help young people in particular with long-term, cost-effective saving?

[John Glen]

The Government have developed a range of savings products and incentives, or encouraged providers to do so, to reflect the range of needs. We have also raised the ISA allowance to £20,000 and introduced the personal savings allowance, meaning that 95% of people do not pay any tax on their savings income. It is important that we have that range of options for all age groups.