Member

I turn to new clause 11, which would ask the Government within six months of the Act coming into force to make a statement on the impact of the savings measures on household savings decisions and outcomes for savers. As hon. Members know, most UK taxpayers are entitled to a personal savings allowance on top of their standard personal allowance. Basic rate taxpayers can receive £1,000 of savings interest without paying tax, and higher rate taxpayers can receive £500 without paying tax, on top of the personal allowance.