Earlier this week, Sourced Capital called on the Government to extend next month’s ISA deadline.
The £20,000 ISA limit deadline for 2019/20 is currently the 5th April 2020. However, given the CoronaVirus crisis, many people will miss the deadline because they are unable to put their finances in order because of distraction and frustration with regard to the circumstances that the crisis puts them in.
Therefore, Sourced Capital contends that the ISA deadline should be moved from 5th April to 1st October to enable those that would otherwise invest, time to do so rather than missing out on their allowance this year.
The extension should not affect the 2020/2021 ISA savings year, and individuals should be able to invest on 6th April if they have already invested in the previous term, should they wish to.
You can support the petition by joining here.
Stephen Moss, founder and MD of Sourced Capital, commented:
“We very much appreciate that the Government has a lot on its plate at present and that the upcoming ISA deadline will be far from a priority. However, with the extraordinary circumstances we currently find ourselves in, we believe it is only right to delay the ISA deadline to enable those investing to make the most of their allowance.
“With many facing financial difficulty and with interest rates at a record low, the outlook for those trying to accumulate any kind of savings pot over the coming year is bleak. We believe an extension to the deadline allows them to make the most of what little return they might receive and we hope we can gain the required traction in order to see this happen.”