Reverse ISA allowance cuts & salary-sacrifice pension contribution caps

Summary

We want the Government to reverse plans to cut ISA allowances AND place new caps on salary-sacrifice pension contributions. We believe ISA limits and salary-sacrifice rules should stay unchanged to protect access to tax-efficient saving, and Parliament should oppose attempts to reduce these benefits Millions of ordinary savers rely on ISAs and salary-sacrifice pensions as their most accessible, low-risk ways to save for the future. Cutting these incentives could reduce people’s ability to build financial security. OBR forecasts show the deficit is lower than previously thought, meaning cuts may not be financially necessary. We believe reducing long-standing savings incentives now could unfairly penalise responsible savers despite an improved fiscal outlook.

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