Tax relief from Cash ISAs doubled in one year, reaching £2.79 billion, but this is expected to fall as Labour plans to reduce the allowance.
Tax relief for Britons holding money in Cash ISAs reached £2.79 billion in one year, according to reports. This figure represents a doubling of tax relief over the same period, as savers utilised these accounts.
However, this amount is anticipated to decrease following Labour's plans to reduce the Cash ISA allowance.
Why this matters: The planned reduction in Cash ISA allowance could affect how much tax relief savers receive.
What this means for you: If you hold money in a Cash ISA, you may see a reduction in the tax relief you receive due to planned changes to the allowance.
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