Posts for Tag: Tax Free
According to The Office for National Statistics (ONS), the proportion of UK residents’ disposable income that goes into savings has fallen to a record low.
Tax Exempt Savings Plans (TESPs) are only available through friendly societies and are an additional tax-free allowance in addition to any ISA or Junior ISA allowances.
Following the demise of the Child Trust Fund (CTF) the government introduced Junior ISAs as a replacement to encourage parents to start saving for their children’s future.
The Bank of England voted to keep its base rate at an historic low of 0.25% on 02 February 2017, despite expectations of rising inflation and slower wage growth squeezing household budgets and spending this year.