Lord Birt – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Lord Birt on 2016-09-12.

To ask Her Majesty’s Government what assessment they have made of the case for not taxing the income from interest-bearing savings whilst interest rates are low.

Lord O’Neill of Gatley

Since April 2016 savers have benefitted from a new Personal Savings Allowance of up to £1,000 for basic rate taxpayers, and £500 for higher rate taxpayers. They can also save up to £15,240 tax-free in ISAs this tax year. Together these measures mean that 95% of taxpayers have no savings tax to pay at all.