UK taxpayers will save almost £2bn in unnecessary tax payments following changes to the rules being introduced in April, according to data from Unbiased and Prudential.
Tax Action 2016 said £1.3bn was 'wasted' last year by savers who failed to take advantage of the new ISA savings allowance. That would have risen to £1.95bn this year, it added. However, Unbiased explained that from April savers can receive up to £1,000 in interest tax-free. Meanwhile, it added, there is still an incentive to use the full cash ISA allowance for this year before the changes come into effect. Unbiased chief executive Karen Barrett said: "The tax-free interest allowance is bringing a revolution in savings for the majority of people. "ISA season, and carefully manag...
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