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81-453: Cash and a broad range of investments can be held within the arrangement, and there is no restriction on when or how much money can be withdrawn. Since 2017, there have been four types of account: cash ISA, stocks & shares ISA, innovative finance ISA ( IFISA ) and lifetime ISA ( LISA ). Each taxpayer has an annual investment limit (£20,000 since 2020–21) which can be split among the four types as desired. Additionally, children under 18 may hold

162-406: A National Insurance number , but individuals between 16 and 18 are only permitted to use the adult cash component or can use a Junior ISA. There are four broad types of adult ISA: cash, stocks and shares, innovative finance (including peer-to-peer lending) and lifetime. PEPs became stocks and shares ISAs, with an exemption that allowed them to continue to hold investments that could not be held in

243-587: A junior ISA , with a different annual limit. An additional type of ISA, called the British ISA , was announced by the UK government in the March 2024 Spring Budget. It will have its own separate annual limit of £5,000 (in addition to the current £20,000 limit) to be used only for investment in UK companies. Until the lifetime ISA was introduced in 2017, ISAs were not a specific retirement investment, but any type can be

324-494: A 25% charge. Although the bonus and penalty are both 25%, those who withdraw funds for purposes not listed above will suffer a loss, for example: However, the government have created a precedent where this penalty charge may be reduced during periods of poor economic outlook and the LISA can effectively be used as a rainy day fund . Penalty charges were reduced from 25% to 20% on withdrawals between 6 March 2020 and 5 April 2021 during

405-580: A Cash ISA). Other tax-advantaged savings that predate ISAs include many offered by National Savings and Investments , a state-owned institution which has in the past offered a range of other tax-free accounts, in addition to its own ISAs. Junior ISAs, introduced in 2011, replaced the Child Trust Fund . With a few exceptions, such as from an employee share ownership plan, all investor contributions must be in cash, not kind. Adult ISAs are available to UK residents aged over 16, provided that they have

486-560: A P2P platform or not. The same rules with respect to subscription limits and transfers are applicable to the IF ISA as other adult ISAs, including the restrictions of current year money going to only one ISA manager, and an unrestricted number of managers for past year money. In the 2016 Budget it was announced that a lifetime ISA (LISA) would be introduced from 6 April 2017 as a more flexible way to save for both home purchase and retirement. Only those aged 18 to 40 can open an account, and at

567-457: A child becomes 18 the full adult and child ISA limits can both be used. Unlike adult ISAs a JISA allows transfers from the S&;S form to the cash form. Each child ISA has a single registered contact, a person with parental responsibility. From age 16 a child can register to be their own contact and this registration cannot normally be reversed. Except in that case and adoptive parents registering,

648-401: A child can only hold a total of one cash ISA and one stocks and shares ISA, including for all money from past years, but transfers of these two accounts can be carried out between providers as for adult accounts. Up to the full JISA limit can be used for any combination of cash and stocks and shares ISA subscriptions. An additional adult cash ISA can be held between 16 and 18. In the year in which

729-488: A different type of ISA in the current year without having to replace it into the flexible ISA it was withdrawn from. This is particularly useful if both current and past year money were withdrawn from the same account. Otherwise all past year money would have to be replaced before any current year money would count as being replaced, due to the rules that current year money is the first withdrawn and last replaced. Past year money does have to be replaced before being transferred in

810-569: A further four years as secretary of state for transport , while also becoming secretary of state for Scotland in 2003. Blair moved Darling for a final time in 2006 , making him president of the Board of Trade and secretary of state for trade and industry . After Brown succeeded Blair as prime minister, he promoted Darling to replace himself as chancellor of the Exchequer in 2007, a position he remained in until 2010. He served as chancellor during

891-402: A home with a LISA are barred from renting the property out. Money can also be withdrawn after reaching age 60. A person who is diagnosed with a medical condition giving a life expectancy of under one year can withdraw the full amount including bonus without penalty at any age, using the definition in the similar pension law. Any other withdrawal, including transfers to another type of ISA, incurs

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972-477: A number of bespoke rules may be created which will differentiate it from current ISAs, including on transfers and holding cash. The government launched a consultation on how a British ISA will work, lasting until June 2024. It is not expected to be available until 2025. There are restrictions on investing in ISAs in each tax year (6 April to the following 5 April) which affect the type of ISA that may be opened and

1053-880: A purchase. Transfers from HTB to Lifetime ISA were allowed from the 2017-18 tax year, with transitional arrangements for that year only. Help to buy ISAs have been criticised: Investors' money is invested in 'qualifying investments', which are: It is mandatory that money held in a stocks and shares ISA be made available on request within 30 days but it is permitted to have a loss-of-interest penalty for this. Innovative finance ISAs (IF ISAs or IFISAs) became available from 6 April 2016. They are similar to cash and S&S ISAs but designed to be used for peer-to-peer lending investments, which were not previously eligible to be held in an ISA. Only platforms with full FCA authorisation (and ISA manager status) are eligible to offer IF ISAs; at launch this barred all major existing platforms because they were awaiting authorisation, leaving just eight at

1134-444: A range of restrictions and workarounds: The Flexible ISA Features are optional add-on feature introduced from 6 April 2016 for any adult ISA type that allow withdrawing cash and redepositing it in the same tax year. Providers are not required to implement the flexibility features and do not have to implement them all if they allow some. A person can withdraw an unlimited amount of money from an account and return up to that amount within

1215-518: A rate at all. He served on the council until he was elected to the House of Commons . Darling first entered Parliament at the 1987 general election in Edinburgh Central , defeating the incumbent Conservative MP, Sir Alexander Fletcher , by 2,262 votes; and remained an Edinburgh MP for 28 years until he stood down in 2015. Following the creation of the devolved Scottish Parliament ,

1296-491: A single financial institution. Alternatively, a person could invest in two 'mini' ISAs, one for each component. The two mini ISAs could be with two different providers if the investor wished. The TESSA-only ISA was a type of cash ISA funded from a TESSA , another predecessor of the ISA. New TESSAs could not be created after 5 April 1999, so the required five-year term of all TESSAs ended by 5 April 2004. TOISA s were created to allow

1377-408: A stocks and shares ISA, provided that the investment met the pre-2001 PEP rules. For some time there were Mini ISAs, Maxi ISAs and TESSA-only ISAs. A Mini ISA could hold cash OR stocks, potentially many if operated by a fund house or platform, while a Maxi ISA could hold cash AND stocks. Any UK resident individual aged 18 or over could invest in one 'maxi' ISA per year, with both components provided by

1458-426: A stocks and shares ISA, some of which qualify for business relief; in this way a stocks and shares ISA portfolio consisting of these securities can be gifted without being subject to Inheritance Tax, provided the qualifying securities have been held for at least two years upon death. For deaths of ISA investors on or after 3 December 2014, the surviving spouse or civil partner can apply for an increased ISA allowance in

1539-484: A tremendous privilege but I believe it is time for me to return to the backbenches from where I shall look after, with great pride, the constituents of Edinburgh South West." Darling suggested on 7 September 2010 on Daily Politics that he was intending only to take a "year out" and might possibly reconsider his future. In May 2009, The Daily Telegraph reported that Darling changed the designation of his second home four times in four years, allowing him to claim for

1620-401: A useful tool for retirement planning alongside pensions. On 6 March 2024, Jeremy Hunt announced a British ISA in which investors would be allowed to invest a further £5000 in UK equities and bonds. ISAs were introduced on 6 April 1999, replacing the earlier personal equity plans (PEPs; very similar to a Stocks and Shares ISA) and tax-exempt special savings accounts (TESSAs; very similar to

1701-426: Is a form of cash ISA that receives a government bonus if the money is used in paying the deposit on a first home purchase. The usual rule that any number of accounts can be held with the same ISA manager applies, and many providers offered the ability to hold both HTB and other cash ISA accounts with current year money in them. However, only one HTB ISA in total can be held, so if one wishes to put current year money into

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1782-402: Is allowed, but only one account can hold current year money. After the account has been open for at least 12 months, the money can be used for a first home purchased with a mortgage and priced up to £450,000; the money is paid to the conveyancer and can be returned to the ISA if the sale does not complete. There are restrictions in place to avoid abuse of the scheme, for instance those who purchase

1863-435: Is also permitted; the providers are required to make the protection clear). These are normally offered by banks and building societies but investment firms can also offer them. It is mandatory that money held in a cash ISA be made available on request within 15 days but it is permitted to have a loss-of-interest penalty for this, and this is how term deposits are typically made available. A help to buy ISA, introduced in 2015,

1944-456: Is no capital gains tax to pay. Since the income is not taxable it did not count for age-related personal income tax allowance reduction when that extra allowance existed. Cash or investments held in ISAs are ordinarily subject to Inheritance Tax when the account holder dies, if their estate is valued above the IHT nil-rate band . Since August 2013 it became possible to hold AIM -listed shares in

2025-401: Is no need to report interest or other income, capital gains, or trades to HMRC as it is not taxable income. This is a considerable paperwork reduction for active traders or those who may otherwise be required to report their trades because they have total sales value exceeding four times the annual CGT allowance, which outside a tax wrapper would require that all trades be reported even if there

2106-466: The 2001 general election , the Department of Social Security was abolished and replaced by the new Department for Work and Pensions , which also took employment away from the education portfolio. Darling fronted the new department until 2002 when he was moved to the Department for Transport , after his predecessor Stephen Byers resigned. Darling was given a brief to "take the department out of

2187-433: The 2005 general election , he won the seat. The Labour Party was so concerned that Darling might be defeated that several senior party figures, including deputy prime minister John Prescott and chancellor Gordon Brown , made encouragement trips to the constituency during the campaign. Despite being a senior Cabinet minister, Darling was hardly seen outside the area, as he was making the maximum effort to win his seat. In

2268-683: The 2007–2008 financial crisis and the Great Recession . From 2012 to 2014, Darling was the chairman of the Better Together Campaign , a cross-party group that successfully campaigned for Scotland to remain part of the United Kingdom in the 2014 independence referendum . He was a vocal advocate for the Remain campaign for the 2016 European Union membership referendum . In November 2014, Darling announced that he

2349-623: The National Audit Office . A former Scotland Yard detective stated that with the current rate of £2.50 per person's details this data could have been sold for £60,000,000. The acting leader of the Liberal Democrats , Vince Cable , put the value at £1.5 billion, or £60 per identity. In an interview in The Guardian published 30 August 2008, Darling warned, "The economic times we are facing ... are arguably

2430-684: The Railways Act 2005 which abolished the Strategic Rail Authority , a creation of the Labour government under the Transport Act 2000 . Darling was also responsible for the cancellation of several major light rail schemes, including a major extension to Manchester Metrolink (later reversed) and the proposed Leeds Supertram , citing rising costs of £620   million and £486 million respectively. Darling gave

2511-766: The University of Aberdeen , from where he graduated as a Bachelor of Laws (LLB). He became the president of Aberdeen University Students' Representative Council . Darling joined the Labour Party aged 23, in 1977. He became a solicitor in 1978, then changed course for the Scots bar and was admitted as an advocate in 1984. In 1982 he was elected to the Lothian Regional Council , where he supported large rates rises in defiance of Margaret Thatcher 's rate-capping laws, and even threatened not to set

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2592-524: The recession arising from the COVID-19 pandemic . This reduction ensured that savers making withdrawals received the full amount they had deposited. £1.5 billion was held in LISA savings in 2022, and the 2022 cost of living crisis fuelled in part by rising inflation led to calls to introduce a temporary penalty-free period to allow access to these savings. Junior ISAs were introduced on 1 November 2011 with an initial subscription limit of £3,600, which

2673-550: The Bank of England, warned the government against further stimulus spending, due to insecure public finances. Following the defeat of the Labour Party at the 2010 general election, Darling announced that he intended to leave frontbench politics. He endorsed David Miliband to succeed Brown as Leader of the Labour Party in the 2010 leadership election . On 17 May 2010, it was reported that he stated: "It has been an honour and

2754-585: The Cabinet". On 1 June 2009, Darling apologised "unreservedly" about a mistaken claim for £700, which he had agreed to repay. He was supported by the Prime Minister, who referred to the incident as an inadvertent mistake. In 2010, he resigned from the Faculty of Advocates as they were investigating a complaint about his expenses claims. Darling denied any connection between the two events. Darling

2835-646: The Cash or Stocks & Shares component. In the March 2010 Budget the then Chancellor of the Exchequer Alistair Darling announced that in future years the limits would rise annually with inflation, rounded to the nearest £120, to ease the arithmetic for those using monthly payment schemes. From 2013 to 2014 the inflation index used was changed from RPI to CPI . The Chancellor of the Exchequer George Osborne announced in

2916-480: The HTB ISA, any other cash ISA current year money will also have to be paid into a cash ISA with the same provider. The Lifetime ISA, announced in March 2016, replaces the HTB ISA. HTB accounts could be opened until 30 November 2019 and contributions can continue until 30 November 2029. An account holder can also have a Lifetime ISA, although the government bonus from only one of the accounts per person can be used for

2997-525: The House of Commons. To stimulate the motor industry, a £2,000 allowance was announced for a car more than 10 years old, if it was traded in for a new car. A 50% tax band was announced for earners of over £150,000 to start the following tax year. Darling also announced that personal allowance would be tapered down by £1 for every £2 earned above £100,000 until it reached zero which resulted in an anomalous effective marginal tax rate of 60% above £100,000, with

3078-702: The March 2014 Budget that the adult ISA limit would be increased to £15,000 from 1 July 2014, and the Junior ISA limit to £4,000. From that date savers were allowed to invest the full amount as cash or stocks and shares, or a mix of both. Savers are also able to switch stocks and shares ISAs to cash ISAs. Many restrictions were significantly relaxed from 1 July 2014 and the branding "New ISA" was introduced for this batch of changes: An account which enjoys tax-free status, usually deposit accounts with £85,000 Financial Services Compensation Scheme (FSCS) protection (but client money with £50,000 protection or unprotected money

3159-571: The SNP. Darling was nominated for a life peerage in the 2015 Dissolution Honours , becoming Baron Darling of Roulanish, of Great Bernera in the County of Ross and Cromarty on 1 December 2015. He was introduced to the House of Lords on 10 December 2015. Darling retired from the Lords on 28 July 2020, citing distance and the COVID-19 pandemic . Darling had a brief previous marriage when young, but

3240-541: The UK, later extended to the European Union . The qualification rule for existing PEPs was removed in 2001. Single company PEPs could be invested in one company only. One way they could be used was to hold windfall shares received by members from mutual bodies when they became listed companies. Beginning 6 April 1999, the Advanced Corporation Tax relief on share dividends received on a PEP

3321-507: The additional tax burden for some put immense pressure onto the government; including Darling with Brown facing criticism from his own Parliamentary Labour Party. In May 2008 Darling announced he would help low-paid workers hit by the scrapping of the 10p rate, by raising that year's personal tax allowance by £600 funded by borrowing an extra £2.7 billion. To boost falling demand, the government announced an additional £20 billion spending package. Subsequently, Mervyn King , governor of

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3402-757: The costs of his family home in Edinburgh, and to buy and furnish a flat in London including the cost of stamp duty and other legal fees. Darling said that "the claims were made within House of Commons rules". Nick Clegg , Leader of the Liberal Democrats, criticised him by saying: "given that very unique responsibility that [Darling] has [as Chancellor], it's simply impossible for him to continue in that role when such very major question marks are being raised about his financial affairs". A former Scottish Labour chairman and treasurer described Darling's position as "untenable" and said that "[Darling] certainly shouldn't be in

3483-564: The cumulative amount of investment during the course of that year. The key restrictions are: These restrictions only apply to money paid in during the current tax year. For adult ISAs an unlimited number of ISA managers' accounts can hold money from past years and it can be freely moved between managers using ISA transfer requests. Transfers between providers are allowed. A transfer from a Cash ISA to another Cash ISA must usually be completed within 15 business days. Any other type of account transfer must usually be completed within 30 days. There are

3564-530: The end of the tax year (or when used for purchase) a 25% bonus on contributions of up to £4,000 a year will be paid. The £4,000 is part of the overall ISA annual allowance, not in addition to it. On reaching age 50, no more money can be added to the account and eligibility for the 25% bonus ceases, but the account will still earn interest or investment returns. The accounts have the same inheritance tax treatment as other ISAs. Permitted investments are as for cash or S&S ISAs, and as for them any number of accounts

3645-592: The event he won it with a majority of 7,242 over the second-placed Conservative candidate, the latter having been held back by the Liberal Democrats coming in a close third. Darling won by a comfortable 16.5% margin on a 65.4% turnout. In 2010 , despite Labour's defeat nationally, he received an increased majority of 8,447. As a backbencher he sponsored the Solicitors (Scotland) Act 1988. He soon became an opposition home affairs spokesman in 1988 on

3726-557: The first time since 1860, there was a run on a British bank, Northern Rock . Although the Bank of England and the Financial Services Authority have jurisdiction in such cases, ultimate authority for deciding on financial support for a bank in exceptional circumstances rests with the chancellor. The 2007 subprime mortgage financial crisis had caused a liquidity crisis in the UK banking industry, and Northern Rock

3807-435: The form of an Additional Permitted Subscription. This allowance is separate from the normal annual allowance, and is based on the value of the deceased's ISA; it is available whether or not the surviving spouse or civil partner inherited the ISA assets. There is no legal distinction between a fund supermarket and a self-select ISA provider. These are merely marketing terms used by stocks and shares ISA providers to distinguish

3888-518: The front bench of Neil Kinnock . Following the 1992 general election , he became a spokesman on Treasury affairs , but was promoted to Tony Blair's Shadow Cabinet as the shadow chief secretary to the Treasury in 1996. Following the 1997 general election , he entered Cabinet as the chief secretary to the Treasury. In 1998, he was appointed Secretary of State for Social Security , replacing Harriet Harman who had been dismissed. Following

3969-453: The fund and on encashment. Income was free from income tax . When introduced in 1986, the fund was limited to £2,400 (annual allowance), but later increased to two types of PEP: the "general PEP" with an annual allowance of £6,000 and the "single company PEP" with an annual allowance of £3,000. Investments in a general PEP were limited to qualifying collective investments . Qualifying investments had at least half of their assets invested in

4050-522: The government's support to the Crossrail scheme for an east–west rail line under London, whose £10 billion projected cost later rose to £15 billion. Although he was not at the Department for Transport at the time of the collapse of Railtrack, Darling vigorously defended what had been done in a speech to the House of Commons on 24 October 2005. This included threats that had been made to

4131-575: The headlines". He oversaw the creation of Network Rail , the successor to Railtrack , which had collapsed in controversial circumstances for which his predecessor was largely blamed. He also procured the passage of the legislation – the Railways and Transport Safety Act 2003 – which abolished the Rail Regulator and replaced the post with the Office of Rail Regulation . He was responsible for

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4212-592: The holdings in a PEP were supposed to be shares or corporate bonds . Following the introduction of individual savings accounts on 6 April 1999, no new contributions could be made into PEPs. Existing funds retained their tax privileges and could be transferred to alternative managers. The distinction between general and single company PEPs was removed. On 6 April 2008, PEP accounts automatically became stocks and shares individual savings accounts . Alistair Darling Alistair Maclean Darling, Baron Darling of Roulanish , PC (28 November 1953 – 30 November 2023)

4293-478: The independent Rail Regulator that if he intervened to defend the company against the government's attempts to force it into railway administration – a special status for insolvent railway companies – the government would introduce emergency legislation to take the regulator under direct political control. In 2003, when the Scotland Office was folded into the Department for Constitutional Affairs , he

4374-515: The investment performance or that investors would buy or be sold the right type of investment. Many equity funds also meet the CAT standards, but the restriction on costs generally means that these funds are index funds , which require little management and simply follow a given index, such as the FTSE 100 Index . CAT standards were discontinued by the Treasury on 6 April 2005 following the introduction of

4455-467: The majority of taxpayers would be marginally better off as a result of these changes, around 5,100,000 low earners (including those earning less than £18,000 annually) would have been worse off. On 18 October 2007, the Treasury released statistics which established that childless people on low incomes could lose up to £200 a year as a result of the changes, while parents and those earning more than £20,000 would gain money. Increasing political backlash about

4536-407: The marginal tax rate returning to 40% for incomes above £112,950. Gordon Brown confirmed on 10 March 2010 that Darling would deliver his final third budget before the general election, which was delivered on 24 March 2010. Darling was Chancellor of the Exchequer when the confidential personal details of over 25   million British citizens went missing while being sent from his department to

4617-578: The number of Scottish seats at Westminster was reduced, and the Edinburgh Central constituency he represented was abolished, to be split between constituencies centred on peripheral areas of the city. The Labour government offered a peerage to Lynda Clark , the Advocate General for Scotland , so that Darling could contest the new Edinburgh South West constituency, the main successor to Clark's Edinburgh Pentlands constituency. At

4698-460: The original capital (excluding interest) invested in a TESSA (up to £9,000) to be reinvested in a tax-free form. In April 1999, the Government introduced a voluntary CAT standard for ISAs (standing for "Charges, Access, and Terms") to make them easier for inexperienced customers to understand and with the intention that lower costs would attract more investors. The standard does not guarantee

4779-501: The previous registered contact will be contacted to obtain their consent to a change of contact. A British ISA was announced by the government in its Spring Budget 2024 with an annual allowance of £5,000 to be used only towards investment in UK companies. It is expected that the £5,000 annual subscription will be in addition to the current £20,000 ISA allowance. The aim of the British ISA is to encourage investment in UK companies, so

4860-760: The pros and cons of Scottish Independence. Darling was criticised by some Scottish Labour MPs and supporters who believed that working with Conservatives on the Better Together campaign might damage Labour's prospects in Scotland. At the 2015 general election , Labour lost all but one of their seats in Scotland to the SNP , with swings of over 30% in several seats, including a UK record swing of 39.3% against Labour in Glasgow North East . Labour also lost Darling's former constituency to Joanna Cherry of

4941-434: The provider for their own ISA. Except for fund houses, it is usual for providers to offer the facility to hold funds managed by many different organisations. Personal equity plan A personal equity plan ( PEP ) was a form of tax-privileged investment account in the United Kingdom, available between 1986 and 1999. The plans were introduced by Nigel Lawson in the 1986 budget to encourage equity ownership among

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5022-417: The same tax year without it counting against the annual subscription limit. A person with £100,000 of past year money could withdraw say £90,000 on 15 April and redeposit it as desired within the tax year. If a transfer is done the firm receiving the transfer is told only the amount of current year allowance available to be used, if any. If current year money is withdrawn, that money can be used to subscribe to

5103-663: The son of a civil engineer, Thomas, and his wife, Anna MacLean. He was the great-nephew of Sir William Darling , a Conservative/ Unionist Member of Parliament for Edinburgh South (1945–1957) who had served as Lord Provost of Edinburgh during the Second World War . He was educated at Chinthurst School , in Tadworth , Surrey, then in Kirkcaldy , and at the private Loretto School , in Musselburgh . He attended

5184-475: The stakeholder product suite, although existing CAT standard ISAs continued on the same terms and conditions. In the March 2007 Budget the limits for the 2008/9 tax year were increased. From tax year 2008/2009 the distinction between a Mini and Maxi ISA was abolished. An insurance component was available in both Maxi and Mini ISAs until the 2005/06 tax year. Collective investment funds that once qualified for this component were reclassified as qualifying for either

5265-416: The time relatively minor platforms available and 86 awaiting approval. Equity-based crowdfunding , although similar to peer-to-peer lending, is not included in the eligible products for this type of ISA. From 1 November 2016 many transferable debentures including debt securities and bonds became eligible for inclusion provided they are issued by a company or charity. They can be included whether offered via

5346-408: The type of business that they tend to seek. Firms favouring collective investment business will often call themselves fund supermarkets, while firms who focus on share dealing will often call themselves self-select ISA providers. A firm can freely offer all types of permitted investment, regardless of its name, and many do. Others choose to offer only collective investment funds. An individual may not be

5427-436: The usual ISA transfer way, it must not be directly placed into the new account or it would count as a new current year subscription instead of a replacement. Interest on cash held in an ISA, including stocks and shares ISAs, is not subject to income tax . Dividends are not subject to additional tax, interest on bonds is not taxed, and capital gains are not taxed (nor may capital losses be used to offset other gains). There

5508-412: The wider population. PEPs were allowed to contain collective investments such as unit trusts . The single company PEP , which was allowed to contain shares of a single company, was introduced in 1992. PEPs were superseded by individual savings accounts in 1999, and remaining accounts were converted to individual savings accounts in 2008. Growth in a PEP was free from capital gains tax within

5589-467: The worst they've been in 60 years. And I think it's going to be more profound and long-lasting than people thought." His blunt warning led to confusion within the Labour Party. However, Darling insisted that it was his duty to be "straight" with people. In October 2008 the government bailed out the Royal Bank of Scotland as part of the 2008 bank rescue package ; Darling said in 2018 that the country

5670-503: Was a British politician who served as Chancellor of the Exchequer under prime minister Gordon Brown from 2007 to 2010. A member of the Labour Party , he was a member of Parliament (MP) from 1987 to 2015, representing Edinburgh Central and Edinburgh South West . Darling was first appointed chief secretary to the Treasury by prime minister Tony Blair in 1997, and was promoted to secretary of state for work and pensions in 1998. After spending four years at that department, he spent

5751-592: Was appointed Secretary of State for Scotland in combination with his Transport portfolio. In the Cabinet reshuffle of May 2006, he was moved to be Secretary of State for Trade and Industry ; Douglas Alexander replaced him as both Secretary of State for Transport and Secretary of State for Scotland. On 10 November 2006 in a mini-reshuffle, Malcolm Wicks , the Minister for Energy at the Department of Trade and Industry , and thus one of Darling's junior ministers,

5832-642: Was appointed Minister for Science while Darling took over day-to-day control of the Energy portfolio. On 28 June 2007, the new prime minister and former chancellor of the Exchequer Gordon Brown promoted Darling to replace himself as chancellor, a promotion widely anticipated in the media. Journalists observed that three of Darling's four junior ministers at the Treasury ( Angela Eagle , Jane Kennedy and Kitty Ussher ) were female, and dubbed his team "Darling's Darlings". In September 2007, for

5913-574: Was created, leading dozens of pubs across Britain to follow Hughes, barring Darling from their pubs. The story was eventually picked up by most national press and broadcast media in Britain, and David Cameron , Leader of the Opposition at the time, cited the movement at Prime Minister's Questions on 26 March. On 12 March 2008, Darling gave his first budget in the House of Commons. On 22 April 2009, Darling delivered his second budget speech in

5994-402: Was halved, partially ending their tax-exempt status. From 6 April 2004 all relief on dividends was removed, although no additional tax at the higher rate was due where otherwise it might have been. Gains on capital, and all other forms of income such as cash interest and bond income, remained tax-free. Significant cash holdings for any length of time were discouraged by HM Revenue and Customs ;

6075-490: Was hours away from a breakdown of law and order if the bank had not been bailed out. Darling's predecessor, Gordon Brown, just before he became prime minister, had abolished the 10% starting rate on income tax and reduced the basic rate of income tax from 22% to 20% in his final budget on 21 March 2007; this was to come into effect in the tax year starting 6 April 2008. This was not amended in Darling's 2008 budget. Although

6156-548: Was increased to £9,000 by the time of the 2020-21 tax year. At age 18 the JISA converts to an adult ISA. Like adult ISAs, JISAs are available in both cash and stocks and shares types. Money cannot be withdrawn until age 18 unless a terminal illness claim is agreed or following closure of the account after the death of the child. A child can open their own account from age 16, otherwise a person with parental responsibility can do it. They are available to those who are: Unlike an adult ISA

6237-889: Was married to former journalist Margaret McQueen Vaughan from 1986 until his death; the couple had a son and a daughter. Margaret Vaughan worked for Radio Forth, the Daily Record and Glasgow Herald until Labour's election victory in 1997. Darling admitted to smoking cannabis in his youth. He enjoyed listening to Pink Floyd , Coldplay , Leonard Cohen and the Killers . Darling suffered from cancer and died at Western General Hospital in Edinburgh, on 30 November 2023, two days after his 70th birthday. There were widespread tributes from politicians from different political parties. Former prime minister Gordon Brown praised his "integrity" and "wise judgement". A memorial service for Darling at St Mary's Episcopal Cathedral in Edinburgh

6318-531: Was standing down at the 2015 general election . He was nominated for a life peerage in the 2015 Dissolution Honours and sat in the House of Lords until his retirement in 2020. According to the Financial Times , Darling was "one of the most consequential post-war chancellors in modern British history". Alistair Darling was born on 28 November 1953 in Hendon , then part of Middlesex (now London),

6399-888: Was the chairman and one of the directors of the Better Together campaign, which campaigned for a "No" vote in the 2014 referendum on Scottish independence . He was involved in the campaign's launch in June 2012, delivered a speech on the subject in the annual John P Mackintosh lecture in November 2012, and addressed a fringe meeting at the Scottish Conservative Conference in June 2013. In August 2014, Darling took part in Salmond & Darling: The Debate and Scotland Decides: Salmond versus Darling , televised debates with first minister Alex Salmond on

6480-527: Was tied up in a private company. In March 2008, Darling's budget was criticised in a media campaign spread by a social networking site. Amid anger at the rise in alcohol duties, James Hughes, a landlord in Edinburgh (where Darling's constituency was based) symbolically barred Darling from his pub, and a passing reporter from the Edinburgh Evening News ran the story. A Facebook group

6561-489: Was unable to borrow as required by its business model. Darling authorised the Bank of England to lend Northern Rock funds to cover its liabilities and provided an unqualified taxpayers' guarantee of the deposits of savers in Northern Rock to try to stop the run. Northern Rock borrowed up to £20 billion from the Bank of England, and Darling was criticised for becoming sucked into a position where so much public money

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