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<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 the Government has introduced in recent years.</p><p> </p><p>The Government
has increased the amount that individuals, including older people and those of State
Pension age, can earn or receive in savings interest before paying income tax to £12,500
per year. As a result, people can keep more of their income to invest as they choose.</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>As a result of these measures, over 95% of people with savings income
pay no tax on that income.</p>
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