Personal finance tax incentives to hit £35bn this year

This comes as the government encourages saving

Isabel Baxter
clock • 1 min read

Tax incentives in the UK for personal savings and investments are projected to hit £35bn this year as the government encourages people to save, according to Bowmore Financial Planning.

Personal finance tax incentives that have seen rises over the past year include: • Personal Savings Allowance relief will have increased by 40% during the 2022/23 tax year from £350 million to £590 million due to higher interest rates. • Tax incentives for ISAs also will have increased by 17% from £3.5bn to £4.3bn over the same period also partly due to higher interest rates. The research also noted that 77% of personal finance tax incentives are for pension schemes, which are projected to be worth £27bn to taxpayers in the 2023/24 tax year. The government recently removed the L...

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