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Issue:
4496
/
Categories:
Comment & Analysis
, ISAs
, savings
, Admin
, Budget/Finance Act
, Income Tax
...from April. Keep a few extra pounds in savers’ pockets
KEY POINTS
- The savings tax rate for 2015/16 is 0%.
- Until 5 April 2016 banks and building societies will pay interest net of tax.
- PAYE codes for the marriage allowance will have new suffixes “N” and “M”.
- Individual savings accounts have become more flexible.
Pensions have hogged the limelight in recent years but the tax rules for savings have been changing too particularly over the past 18 months.
Taken together the different savings schemes available now along with the new ones promised later this year offer an increasingly interesting way of putting money aside for the future and are on the whole less complicated to implement.
Meanwhile for those at the lower end of the income scale the tax system itself can...
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