Labour MP Jim Fitzpatrick has called on treasury secretary David Gauke to review the savings limits for HM Revenue and Customs (HMRC)-approved share plans.
In a letter, Fitzpatrick asked Gauke to review the issue in light of a tabled early day motion (EDM), as well as views by the Office for Tax Simplification (OTS) and IFS Proshare.
He wrote: “I am aware that the government response to date has been to state that, because most people do not save the maximum amounts in [share incentive plans] (Sips) and [sharesave] schemes, there is no need for an increase.
“This would appear to be both short sighted and entirely at odds with your policies on other tax-advantaged savings and investment products.”