18th Mar 2015 16:18
LONDON (Alliance News) - Shares in fund supermarket Hargreaves Lansdown PLC and St James's Place PLC, the wealth management and financial advice group, are among the top gainers in the FTSE 100 after Chancellor of the Exchequer George Osborne revealed new measures aimed at giving savers more flexibility in how they invest.
Osborne's plans for individual savings accounts (ISA) will change rules that currently mean people lose their tax-free entitlement if they withdraw money from their accounts. He also revealed a new Help to Buy ISA designed to give a boost to the efforts of people looking to buy their first home.
"With the fully Flexible ISA, people will have complete freedom to take money out, and put it back in later in the year, without losing any of their tax-free entitlement. It will be available from this autumn and we will also expand the range of investments that are eligible," Osborne said in his sixth Budget speech.
The government also confirmed the launch of a consultation on creating a market for trading annuities, an extension of freedoms introduced by Osborne in his 2014 Budget to pensions and retirement rules.
People who have already bought annuities will be able to sell them in exchange for cash.
St James's Place shares were up 4.6% at 972.50 pence, while Hargreaves Lansdown shares were up 2.8% at 1,207 pence near the close Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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Related Shares:
Hargreaves LansdownSt James's Place