Individual Savings Accounts (Hansard, 23 March 1998)

§ Mr. Jim Cunningham
To ask the Chancellor of the Exchequer (1) if current holders of TESSAs and PEPs will be required to transfer their investments to ISAs from April 19990; [33270]
(2) what assessment he has made of the impact on existing holders of TESSAs and PEPs of the replacement of TESSAs and PEPs by ISAs in April 1999. [33271]

§ Mr. Geoffrey Robinson
[holding answer 10 March 1998]: As my right hon. Friend the Chancellor announced in his Budget, 17 March 1998, Official Report, column 1102, all PEPs held at 5 April 1999 can continue to be held as PEPs, outside the new savings account, but with the same tax advantages as the new account. TESSAs held at 5 April 1999 can run to maturity outside the new account, and the capital from maturing TESSAs can be rolled over into the new account without counting against the annual subscription limit.

§ Mr. Lilley
To ask the Chancellor of the Exchequer if the Government will require providers of ISAs to submit sufficient information to provide a breakdown of how many people invested(a) up to £1,000, (b) £1,001 to £2,000, (c) £2,001 to £3,000, (d) £3,001 to £4,000, (e) £4,001 to £5,000 and (f) £5,001 to £6,000 in the most recent year for which figures are available. [34961]

§ Mr. Geoffrey Robinson
[holding answer 17 March 1998]: Precise details of the information to be submitted will be for discussion with industry representatives when drafting detailed regulations for the ISA.

§ Mr. Lilley
To ask the Chancellor of the Exchequer how much of the estimated cost of tax relief on PEPs in(a) 1996–97, (b) 1997–98 and (c) 2000–1, as calculated in the consultative document on ISAs, is attributable (i) to CGT exemption and (ii) income tax relief. [33510]

§ Mr. Geoffrey Robinson
[holding answer 9 March 1998]: I refer the right hon. Member to the answer my right hon. Friend the Chief Secretary gave on 11 March 1998, Official Report, column 210, and to the answer I 9W gave to my hon. Friend the Member for Newcastle upon Tyne, Central (Mr. Cousins) on 3 February 1998, Official Report, column 574.