skipton

The looming crackdown on cash ISAs is set to rake in an extra £100m for Rachel Reeves’s Treasury in a fresh blow to savers, The i Paper can reveal. Risk-averse savers who keep their money in cash, rather than moving it into a stocks and shares ISA, will end up paying tax on any interest earned, netting the Treasury tens of millions of pounds more than initially estimated. It comes as a senior Labour MP warned ministers that their overhaul of the tax rules is “creating complexity and confusion”. At the same time, industry insiders are frustrated at a lack of detail on how the reforms will work.