HMRC announces 22% tax on cash interest held in stocks and shares Isas
Key takeaways
- Prefer the Guardian on Google Isa reforms announced on Tuesday promise a new first-time buyer account with no upper age limit, and a tax on interest on cash savings held in a stocks and shares wrapper.
- Savers and investors can currently hold up to £20,000 a year in Isas, which offer the chance to earn returns which are not subject to tax.
- The consultation from the Treasury suggests that the first-time buyer Isa will be available to anyone aged over 18, in contrast to the lifetime Isa (Lisa) which had an upper age limit of 40 for new savers.
Why this matters: a developing story that could shape the day's news cycle.
The chancellor, Rachel Reeves, announced major changes to the regime in last year’s budget. Photograph: WPA/Getty Images View image in fullscreen. The chancellor, Rachel Reeves, announced major changes to the regime in last year’s budget. Photograph: WPA/Getty Images Isas HMRC announces 22% tax on cash interest held in stocks and shares Isas Treasury also promises new first-time buyer Isa with no upper age limit reflecting ‘age at which a first home is bought is rising’
Prefer the Guardian on Google Isa reforms announced on Tuesday promise a new first-time buyer account with no upper age limit, and a tax on interest on cash savings held in a stocks and shares wrapper.
Savers and investors can currently hold up to £20,000 a year in Isas, which offer the chance to earn returns which are not subject to tax.