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Charity Bank offers tax breaks

Charity Bank – a not-for-profit bank – is offering a five year tax efficient savings account that offers savers 5 per cent per a year tax relief plus 2 per cent annual interest on all deposits. Charity Bank says the 5 per cent a year tax relief is equivalent to a gross return of 8.33 per cent for higher rate tax payers. Savers must keep the account open for five years to benefit from the tax relief. Funds deposited will contribute to charities and disadvantaged communities across the UK.

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An increase in the limit on tax-free Isas will be floated by the Conservatives today.The Tories will unveil a series of proposals including designed to stave off the UK savings crisis. Proposals are thought to include a lifetime savings account that would match part of savers contributions with payments from government.The paper will be the […]

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