UK Budget's Tax Overhaul Gives Boost To Savers

Law360, New York (March 19, 2014, 4:33 PM EDT) -- U.K. taxpayers who save some of their income saw their tax burdens on savings drop to as low as nil on Wednesday, thanks to a new budget unveiled by the government that includes several tax reform measures for savers, homebuyers and air passengers, among others.

Beginning April 2015, the country’s 10 percent tax on savings income will be eliminated, and that zero rate will apply to savings of up to £5,000, a decisive rise from the maximum savings of £2,880 that the lowest bracket currently applies...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.