Personal Savings: Older People

(asked on 11th April 2019) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps his Department is taking to encourage the elderly to accrue personal savings.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 23rd April 2019

The Government is committed to supporting people of all incomes and at all stages of life to save.

Older people will continue to benefit from a number of measures this Government has introduced in recent years.

The amount of money that people can save into their ISAs each year (the annual subscription allowance) has been increased to a record £20,000.

Since April 2016, individuals have also been able to benefit from a new Personal Savings Allowance of up to £1,000 for basic rate taxpayers and up to £500 for higher rate taxpayers.

As a result of these measures, over 95% of people with savings income pay no tax on that income.

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