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Plans to cut tax-breaks to savers stink, say SNP
Chancellor of the Exchequer Rachel Reeves attending the Make UK Conference at the QEII Centre in London, March 4, 2025

The SNP has hit out at plans to increase taxes on savings in the next Budget. 

In the run-up to Labour Chancellor Rachel Reeves’s Spring Statement later this month, a raft of leaks have not only hinted at swingeing cuts to social security to build a war economy, but also plans to lower the tax-free threshold on ISAs from £20,000 to £4,000.

Citing research they commissioned from the House of Commons Library showing 1.2 million adults in Scotland hold an ISA, the SNP claim, assuming 5 per cent interest, the move could cost savers lucky enough to have deposits of £16,000 up to £5,132 over the next five years.

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