Chancellor could unveil major ISA reform in Autumn Statement - reports

Chancellor likely to relax existing rules

Chancellor Jeremy Hunt could announce significant changes to the ISA regime in the Autumn Statement on 22 November.

In a report on Wednesday (8 November), The Telegraph suggested existing ISA rules could be relaxed from April next year to allow savers to pay into multiple ISAs of the same type in a single year without affecting their £20,000 allowance. The report explained that ministers expect the changes to encourage providers to offer more competitive rates and help consumers make more in tax-free interest. Provider AJ Bell has campaigned for reform and simplification of the savings product to boost access and usage. It explained the current rules mean people can open multiple ISAs in a tax year...