Budget 2015: KPMG welcomes Tax-Free Savings Boost

KPMG welcomes Tax-Free Savings Boost

Budget 2015: Commenting on the proposed introduction of the Personal Savings Allowance

Also on KPMG.com

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.”

-ENDS-

 

For further information please contact:

Angela Pink, KPMG Communications executive

T: +44 (0)207 694 2679

M: +44 (0)7958 924 188

E: angela.pink@kpmg.co.uk

KPMG Press Office: +44 (0)207 694 8773

 

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Chancellor’s Budget 2015

 

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

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