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It is more than a quarter of a century since the launch of the individual savings account-tax-exempt investment cover-in the United Kingdom. The concept of the ISA season, which is the current credit at the end of the tax year on April 5, during which investors are pushed to achieve the maximum benefit from the annual taxes of 20,000 pounds.

But if many voice reformers in London have their way, this season may be the last thing that investors have a lot of freedom to allocate their money: the full tax break is available regardless of whether you are standing in cash Issa Or stock and stock.

Financial times open Last month, Chancellor Rachel Reeves was severely pressured to restrict or cancel the tax exemption on the monetary ISAS, and instead, it provides a clear preference for investments in stocks or bonds – a step that would comply with additional work for insurance companies and asset managers who lead the batch.

Logic is convincing. But it is not quite clear how Reeves will be accepting the appeal. Treasury officials seemed cautious, as one of them described any future change as a “big deal” that could alienate millions of savers. In recent days, there is a group of savers, consumer groups and construction societies I spoke In favor of the current situation. On the other hand, the new city minister, Emma Reynolds, hit a reform tone last week when I asked the House of Lords Committee: “Why did we get hundreds of billions of cash pounds? We failed to lead the investment culture.”

According to AJ Bell analysis of the latest HMRC data, 14 million investors have been invested in the country only in cash. Partially thanks to the lower returns, although it includes less than 300 billion pounds, compared to more than 400 billion pounds in ISAS and stocks.

Throughout the age of ISAS, this performance was dramatic. in Ticket It was published last year to celebrate the twenty -fifth anniversary of the product, the American Asset Management Group revealed that anyone has saved the maximum possible in ISAS since its launch in 1999 was accumulating 306,560 pounds before any investment return. And Vanager said that this had grown to more than 360,000 pounds in cash. But it was linked to global stocks, the value of approximately three times has multiplied to about 900,000 pounds.

It is clear that stocks and stocks, such as any investment in stocks, can also decrease in value. But in the long run, history indicates that the superior performance will be great. This can be useful for individual ISA investors and their spending strength. But it can be an economical double product if the money is directed towards UK shares.

Other leading economies use tax exemptions to transfer investment in some directions – Australian pensions are granted, for example, an incentive to direct money to Australian stocks.

For British investors, there are already inhibitors thanks to the stamp fees imposed on local stocks (if not on the foreigner). City numbers say that Reeves indicated in recent meetings that it would be economically impossible to remove duty, given 3 billion pounds £ It raises revenues every year.

But there are at least two of ISA reform options that can be widely neutral from a tax point of view, while economic growth is likely to help.

First, Reeves can restore some of the differences made between cash and shares and ISA allocations contribute to the original 1999 design. Although a kind of cash element is reasonable – to encourage the accumulation of family safety network – it does not have to be anywhere near generous like 20,000 pounds per year. It can resemble the upper limit of 5,000 pounds of ISA money, and an additional £ 20,000 in stocks and stocks, a strong revival in the culture of stocks in the UK.

Second, even if the chart fees are on stock purchases in the United Kingdom in general, they are of very great value for tampering, then why are you not studying the process of getting rid of them, or compensation, when the UK shares are purchased via shares and ISA shares?

The extensive culture of investment in the stock market in the United States has caused families across the country, partly through attractive tax plans such as educational savings plans 529 and 401 thousand pensions. The performance of stocks in the United States has helped in recent years, led by technology giants in the country, has also helped. But whether British investors are attracted by shares in the United Kingdom, the United States or anywhere, it is time for the time the country’s tax system encouraged to behave more productively economically than £ 20,000 in a cash account It pays a 5 % tax -free benefit.

Patrick.jenkins@ft.com