Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the proposed cap on cash ISA contributions for under-65s on women.

This policy will affect those aged under 65 from April 2027, but the overall ISA limit will remain at £20,000 for all savers when the annual Cash ISA limit is set at £12,000. It will not affect existing cash ISA savings.

A policy costing note for the package of measures introduced to support savers has been published alongside the Budget, including the changes to the ISA regime.

Following a technical consultation, new ISA regulations will be laid, and a Tax Impact and Information Note will be published.

In addition, HMRC regularly publishes statistics on ISA use online. The average Cash ISA subscription in 2022/23 was £5,296.

Based on available data on current ISA subscriptions from ISA managers, we expect that women make up around 52% of those likely affected by changes to the Cash ISA limit. Women account for 56% of all cash ISA subscribers as of 2022-23. Information on disability is not collected as part of savings statistics.