Submitted on Thursday 4th August 2011
Published on Monday 8th August 2011
Current status: Closed
Closed: Wednesday 8th August 2012
Exemption of ISA savings for council tax benefit calculations
Currently ISA savings are exempt from income tax, but they are not exempt when savings are taken into account for the purposes of determining eligibilty for council tax benefit.
This is particularly damaging for pensioners on low incomes who rely on income from their ISA savings to
help meet living costs, and for self employed individuals on low incomes who use ISAs rather than personal pension plans to provide for their retirement fund .
Legislation should be introduced to exclude ISA savings from council tax benefit calculations.
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