ISA savers 'punished' by sixth year of freeze
Evening Standard|November 24, 2023
THE Chancellor was today accused of punishing ISA savers by freezing allowances on the popular tax-free accounts for the sixth year running.
Simon English
ISA savers 'punished' by sixth year of freeze

While Jeremy Hunt pledged to maintain the triple lock on state pensions and talked of giving employees a pension "pot for life", ISA allowances were held at £20,000.

That news was buried on page 88 of the Autumn Statement on Wednesday.

Increasing the allowance in line with inflation would see it at about £25,000 a year now. ISAs are often used by those saving for a home deposit.

According to the Government's own figures, the cost of ISA tax relief in 2018-2019 was £3.3 billion.

Evening Standard analysis suggests that would be £1 billion more now if they had upped the allowance allowing for market growth.

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