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Why the new 22% tax?
The government is introducing this 22% tax to close a perceived loophole. With the Cash ISA limit decreasing, they believe some people might try to use Stocks and Shares ISAs to hold large amounts of cash, effectively bypassing the new lower limit. This tax aims to ensure investment ISAs are used for investments, not just cash savings.
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New ISA rules bring 22% tax on some cash savings from April 2027Related explainers
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