Sourced Capital is calling on the government to extend next month’s ISA deadline to October.
The peer-to-peer property lender is warning that the coronavirus is delaying opportunities for investors to get their finances in order.
Stephen Moss, founder of IFISA provider Sourced Capital, suggests that the ISA deadline should be moved from 5 April to 1 October to give investors more time to use this year’s tax-free allowance.
The extension should not affect the 2020/2021 ISA savings year, and individuals should be able to invest on 6 April if they have already invested in the previous term, should they wish to, he said.
“We very much appreciate that the government has a lot on its plate at present and that the upcoming ISA deadline will be far from a priority,” Moss said.
“However, with the extraordinary circumstances we currently find ourselves in, we believe it is only right to delay the ISA deadline to enable those investing to make the most of their allowance.
“With many facing financial difficulty and with interest rates at a record low, the outlook for those trying to accumulate any kind of savings pot over the coming year is bleak.
“We believe an extension to the deadline allows them to make the most of what little return they might receive and we hope we can gain the required traction in order to see this happen.”
The petition had 150 signatures as of the morning of the 26 March.
Read more: Coronavirus could lead to platform closures