Personal Savings: Tax Allowances

HM Treasury written question – answered on 19th September 2016.

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Photo of Lord Birt Lord Birt Crossbench

To ask Her Majesty’s Government what assessment they have made of the case for not taxing the income from interest-bearing savings whilst interest rates are low.

Photo of Lord O'Neill of Gatley Lord O'Neill of Gatley The Commercial Secretary to the Treasury

Since April 2016 savers have benefitted from a new Personal Savings Allowance of up to £1,000 for basic rate taxpayers, and £500 for higher rate taxpayers. They can also save up to £15,240 tax-free in ISAs this tax year. Together these measures mean that 95% of taxpayers have no savings tax to pay at all.

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