Commenting on the proposed introduction of the Personal Savings Allowance, Jo Bateson, Tax Partner, KPMG, said: “Amongst the most significant changes in the Budget is the introduction of the Personal Savings Allowance, which will create tax–free savings for those with incomes under £150,000. With effect from April 2016 the Chancellor has today announced a £1,000 allowance for basic rate taxpayers and a £500 allowance for higher rate tax payers.
“This will be a welcome boost for pensioners with significant savings and demonstrates to future generations the benefits of saving. Together with the introduction of the First Time Buyer ISA, this is also a real show of support to younger generations trying to save to get on the property ladder.”
Angela Pink, KPMG Communications executive
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