Sourced Capital Managing Director, Stephen Moss, has penned an open letter to the Chancellor of the Exchequer regarding the upcoming ISA submissions deadline
The subject upon which I seek to address you will not be your most pressing of the last few days nor will it be a major priority in the coming weeks for a government that is by its own admission at war with biology itself.
But, importantly, as you bust all fiscal rules in defending us from an economic ice-age it will also cost you little and may also consume less time to consider than it takes you to read this letter.
At midnight this Sunday 5th April, as most will have no doubt forgotten, falls the deadline for ISA submissions for the 2019/20 tax year – the threshold after which investors’ £20,000 tax-free allowance disappears. Some of us will have deposited our monies already, but given current circumstances and the significant distraction of a global pandemic, many have not.
Would it not be sensible, equitable and indeed simply the right thing to do to extend the ISA deadline to 1st October in order to give those that will otherwise miss out a chance to secure their tax-free benefit? Hundreds of people have signed our petition to support such an extension.
You have recently delayed a number of formal deadlines, not least tax return submissions, tax payments and VAT. Which just goes to show that moving the goalposts can sometimes be a good thing.
Thanking you in anticipation.
Founder and Managing Director