The UK government is set to reduce the tax-free savings allowance in the upcoming November budget, according to a report by The Telegraph cited by Reuters. The move is part of broader fiscal measures expected to increase tax revenues amid ongoing economic challenges. Details on the extent of the reduction and its potential impact on savers are yet to be confirmed ahead of the official budget announcement.
UK Government Plans Reduction in Tax-Free Cash Savings Allowance in November Budget
In a move aimed at boosting government revenue and addressing fiscal challenges, the UK Treasury is reportedly preparing to reduce the tax-free allowance on cash savings starting from the upcoming November budget. This policy shift, as reported by the Telegraph and confirmed by Reuters, will directly impact individual savers by lowering the amount of tax-free interest they can earn from their deposits. The change is expected to tighten the parameters of previously generous allowances, potentially…
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Author : Olivia Williams
Publish date : 2025-10-26 07:39:00
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