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Simplifying savings
KEY POINTS
- Many tax complexities between reliefs and allowances.
- HMRC software has struggled to cope with some aspects of the tax calculation.
- Could the ISA regime be simplified or consolidated?
- Life assurance gains have caused much confusion.
As reported in Taxation (7 June) the Office of Tax Simplification is undertaking a broad review into the application of the tax system to savings and investment income. The report starts by voicing the opinion that ‘the UK savings tax system works well for most taxpayers who do not have to consider whether they have to pay income tax on their savings at all. This is because since 2016 savings income up to £1 000 has been covered by the personal savings allowance and because savers can contribute £20 000 a year to their ISAs on which...
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