Personal Savings
(asked on 2nd July 2019) - View Source
Question to the HM Treasury:
What steps he is taking to increase incentives for people to save.
This question was answered on 2nd July 2019
The Government has introduced a range of measures to support savers.
We have increased the amount of money that people can save into their ISAs each year to a record £20,000 and introduced a Personal Savings Allowance of up to £1,000 for basic rate taxpayers and up to £500 for higher rate taxpayers.
Thanks to these measures, over 95% of people with savings income pay no tax on that income.
The new Help to Save scheme is supporting working families on low incomes to build up a rainy-day fund by offering a 50% bonus on up to £50 of monthly saving.