| All News | Archived News |
Tax system `does not reward savers`
12 March 2008
The vast majority of people in the UK feel the government should do more to reward those who work hard and save well, a new poll has revealed.
According to a study by Abbey, 85 per cent of Brits think the tax rules regarding individual savings accounts (Isas) should be expanded, to allow more people to save in order to avoid future debt problems.
Despite an increase in the tax-free Isa allowance from £3,000 to £3,600 for cash Isas and the overall Isa allowance increasing to £7,200 in April 2008, only a third of those quizzed - 34 per cent - thought that this will have any impact on their savings levels.
Reza Attar-Zadeh, director of savings and investments at Abbey, said: "There is a clear feeling that the current UK tax regime doesn`t go far enough in encouraging people to save."
Research from Lloyds TSB found that UK expats are not taking advantage of the ability to open switch Isas in their native country.
Speak to an expert today
Call freephone: 0800 161 3516
©2008 Gregory Pennington Ltd. Pennington House, Carolina Way, South Langworthy Road, Salford M50 2ZY. Company Registration No. 2855061
Registered in England and Wales
Part of the Think Money Group. Our initial advice on your best financial solution is free. Fees payable where continuing services are provided. Calls may be recorded for training and quality purposes.
Debt Management | Debt Solutions | Debt Consolidation | IVA | Trust Deed