So, are Isas here to stay, or could they be replaced, as they replaced personal equity plans and tax-exempt special savings accounts? And will they continue to attract millions of savers?
It is thought unlikely that people will lose interest in Isas any time soon, or that the government is planning an overhaul, according to Mr Wynn.
“The attraction of Isas looks set to continue,” he says, “and although we have seen some changes introduced in recent years we’ll have to wait and see whether the chancellor announces any further measures that might affect their future appeal in this year’s Budget.
“However, at the moment, there’s limited indication that we’ll see any fundamental changes to their structure.”
They could do with a little tweaking, though, suggests Andrew Tully, technical director at Canada Life.
“Over the years Isas have evolved to become the first port of call for the vast majority of savers, and there is no reason to expect that popularity to diminish.
“However, there are a number of aspects of Isas that have become increasingly complex over the years and some of the rules could be simplified.
For example, the rule that prevents investors opening more than one cash Isa in a tax year and the under-used flexible Isa provision, which allows people to top up any withdrawals they have made in the same tax year without reducing their allowance.
“There are also a number of restrictions around the Lisa that would benefit from simplification.”
Fiona Nicolson is a freelance journalist
