Individual Savings Accounts: Tax Allowances
The question
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of reducing the annual Cash ISA allowance on older savers.
Answered by Emma Reynolds
ISAs incentivise saving and investment for future goals by providing tax advantages to individual taxpayers. The Government recognises the important role that cash savings play in helping households build a financial buffer for a rainy day. The Government continues to consider reforms to ISAs and savings to achieve the right balance between cash savings and investment and ensure better outcomes for both savers and the UK economy.
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