THERE'S still time to pep up your savings with a tax-free Personal Equity Plan
for 1995-96 - but get cracking!
The Celtic Personal Equity Plan
was unveiled yesterday.
They reckon the abolition of the share-based Personal Equity Plan
savings schemes in April will mean a stampede by savers this month.
Jargon and high charges put him off investing in a Personal Equity Plan
. That should make him a target for the Government's new Individual Savings Accounts.
In October, Virgin Direct financial services, run by Richard Branson, portrayed them being blown away by a gale-force wind whipped up by Virgin which had just launched a personal equity plan
Personal Equity Plans
have become Stocks and Shares ISAs.
Under the changes, which will come into force next April, savers will also be able to transfer money saved in cash into shares, and all personal equity plans
will become stocks and shares ISAs.
ISAs replaced personal equity plans
(PEPs) in 1999 but the tax allowance has not kept pace with inflation.
They found Owen had substantial amounts of money in bank accounts, personal equity plans
and ISA accounts.
France encourages taxpayers to invest in personal equity plans
through tax benefits (reductions in income tax).
The report says that in reality they have proved no better at reaching low-income households than the Conservative schemes they replaced - Personal Equity Plans
and Tax Exempt Special Savings Accounts.
Early ISA customers will largely migrate from personal equity plans