Outrage over Reeves’ new tax on savings – ‘taxing everything’ | Politics | News
The public is outraged at the money grab proposed by Chancellor Rachel Reeves and outgoing Prime Minister Sir Keir Starmer. The scheme will see the amount of money saved in the ISA reduced. The Stocks and Shares account will be taxed at 22%, meaning those who save in the accounts will see more than a fifth of their annual tax-free savings wiped out.
Reaction to the announcement has been mostly negative, with people angry about the upcoming ISA change, as well as recent changes to how much under-65s can save into other Cash ISA accounts.
One person raged: “Working? Taxed to be forgotten? Taxed to be forgotten? Taxed to be forgotten? Taxed to be forgotten? Taxed to be forgotten? Taxed to be forgotten? And now… saving? Taxed to be forgotten? There’s no point in doing the right thing in the UK anymore.”
Another added: “We are run by appalling, vindictive morons. Labor has announced that from April 2027, cash interest on Stocks and Shares ISAs will be taxed at 22% and under-65s will only be able to deposit £12,000 a year into a cash Isa instead of £20,000.”
“The more I think about it, the angrier I get – just to give you a bunch of money in taxes. Do the responsible thing, save money – just to give away a bunch of money in taxes. So what do you have to show for it? It’s just more people putting their hands out and demanding more money from you.”
A third spoke angrily: “I told you, the looters are after everything: Your income. Your savings. Your job. Your future. Your children’s future. Your ambition. Your happiness. Your soul.”
An ISA reform is expected to take place by April 2027. government guidance It reads: “The new cash ISA limit for those aged under 65 will be £12,000. Limits for Innovative Finance ISAs, LISAs and Stocks and Shares ISAs will remain the same.
“Investors will still be able to hold cash in a Non-Cash ISA, but interest paid on holding cash in a Non-Cash ISA will be subject to a 22% charge.”
