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max ddp created	2019-04-18T15:29:44.867Z
answering dept id	14
max ddp modified	2019-06-06T17:09:47.759Z
min answer › question first answered	2019-04-11T12:17:54.91Z
hansard heading	Personal Savings: Older People

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1121360

human indexable

published

registered interest

answer date

23/04/2019

date

11/04/2019

date tabled

11/04/2019

ddp created

11/04/2019 17:50:33

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Treasury

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ddp modified

12/04/2019 11:46:22
23/04/2019 13:39:02

hansard heading

Personal Savings: Older People

house id

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244002

legislature

25259

	pref label	House of Commons

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question first answered

23/04/2019 13:07:19

question text

To ask the Chancellor of the Exchequer, what steps his Department is taking to encourage the elderly to accrue personal savings.

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2017/19

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tabling member constituency

East Ham

tabling member printed

Stephen Timms

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House of Commons Tabled Parliamentary Question 2017/19 244002

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WrittenParliamentaryQuestion

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244002

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NamedDay

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answer

	answer text	<p>The Government is committed to supporting people of all incomes and at all stages of life to save.</p><p> </p><p>Older people will continue to benefit from a number of measures this Government has introduced in recent years.</p><p> </p><p>The amount of money that people can save into their ISAs each year (the annual subscription allowance) has been increased to a record £20,000.</p><p> </p><p>Since April 2016, individuals have also been able to benefit from a new Personal Savings Allowance of up to £1,000 for basic rate taxpayers and up to £500 for higher rate taxpayers.</p><p> </p><p>As a result of these measures, over 95% of people with savings income pay no tax on that income.</p>

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163

	label	Biography information for Sir Stephen Timms

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25259

	pref label	House of Commons

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163

	label	Biography information for Sir Stephen Timms