Budget 2026: how to beat the new savings tax rates
John Healey’s budget offered a ‘sting in the tail’ for savers by raising tax rates but there are ways to ease the pain Savers were both winners and losers in Wednesday’s budget.
Key points
- Jason Hollands, managing director at wealth manager Evelyn Partners, describes the higher rates as a “sting in the tail” for savers.
- But Healey went further, adding an additional two percentage points to each of the rates.
In his first outing as chancellor, John Healey dropped a plan to cut the cash Isa limit for under-65s but surprised everyone with an extra tax charge on savings and property income.
His predecessor, Rachel Reeves, had already announced a plan to increase the income tax rates for savers and landlords that was due to take effect in April 2027.
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