Personal Savings

(asked on 3rd July 2025) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to incentivise saving.


Answered by
Emma Reynolds Portrait
Emma Reynolds
Economic Secretary (HM Treasury)
This question was answered on 9th July 2025

Individuals can save up to £20,000 into an Individual Savings Account each year, and any savings income received is tax free. Along with the Personal Savings Allowance of up to £1,000, and the Starting Rate for Savings of up to £5,000 for those with earned income below £17,570, around 85 per cent of people with savings income pay no tax.

The Help to Save scheme also supports low-income working households to start a long-term savings habit.

Reticulating Splines