This means paying high fees for advice and most people simply can’t afford that – and even if they can, the fees are an unnecessary burden on the return of their investment. We are therefore calling for the government to make a number of changes in today’s Autumn Statement.
- Drop the proposal to introduce the Lifetime Isa – adding a new layer of complexity isn’t the solution.
- Scrap tax relief bands and replace them with a single fixed level of 20 per cent for all investors.
- Do away with complicated tax wrappers and replace them with a single wrapper that rewards people for investing for the long term.