Taxation
The question
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of the level of taxation set out in the Budget on savings, dividends and property income on small investors, retired people relying on investment income, and small business owners.
Answered by Lucy Rigby
The Government is taking action to ensure income from assets are taxed more fairly. That is why we have increased taxes on property, dividend and savings income to narrow the gap between tax paid on work and tax paid on income from assets.
The majority of taxpayers, and the majority of pensioners, have no taxable savings, dividend or property income and will pay no more tax as a result of these changes.
Those with small amounts of income from assets will continue to be protected by tax-free allowances, and all income from savings and investments held in ISAs will continue to be entirely tax-free.
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