Pensions 

Hollands: Isas would be safe after Yes – for now

Isa savings in an independent Scotland should be safe, but the rules could change, Tilney Bestinvest’s managing director for business development and communications has said.

Jason Hollands said that while the Scottish government had pledged to keep existing Isa and pension arrangements, it would be “under no obligation” to replicate the UK’s financial services system.

Tom McPhail, head of pensions research at Bristol-based Hargreaves Lansdown, said: “There will come a point where Scottish residents will no longer be able to save into an Isa, and the tax rules could be different.”

Earlier this year, National Savings and Investments confirmed there would be no change for the status of Scottish customers in the event of a Yes vote – but only if they hold their investments within a UK bank account.

However, it added: “This does not mean that... we would automatically ask those who are already NS&I customers living in an independent Scotland without UK bank accounts to close their NS&I products.”

Adviser view

Ian McKenzie, director at Edinburgh-based Innovate Financial Services, said: “In terms of Isas and the tax incentives, I would hope the authorities allow Scottish people to keep them, because it is a good way to get people to save.”

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