Chancellor eyes 22% levy on cash interest in stocks and shares ISAs

Expected to take effect next April, the report said, the new charge would align with the rate of savings interest tax, which will increase to 22% in April 2027. The charge is similar to the previous ISA regime, when cash interest earned in a stocks and shares ISA was subject to a 20% tax. HMRC later scrapped the levy in 2014. From 6 April 2027, savers under the age of 65 will see their cash ISA limit cut from £20,000 to £12,000. The full £20,000 limit will remain in place for the Stocks and Shares ISA. The reforms were announced in last year's Autumn Budget as part of the governmen...