Sunday February 23, 2020

Tax hike and new charge spell fresh misery for savers

Savers face a double blow from January 1, as their deposits will be hit by higher taxes and a new charge, further eroding the value of their savings.

29th December, 2013

Savers face a double blow from January 1, as their deposits will be hit by higher taxes and a new charge, further eroding the value of their savings.

Last October's budget announced that deposit interest retention tax (Dirt), which is applied to the interest earned on savings, would jump to 41 per cent in 2014, meaning that savers will see their net return on deposits fall. The increase in Dirt means that the tax has more...

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