Personal Savings
The question
To ask the Chancellor of the Exchequer, what steps she is taking to incentivise saving.
Answered by Emma Reynolds
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.
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