The conspiracy to steal your cash savings tax break

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Finance lobbyists are trying to steal your Cash ISA tax break

There is — literally — a conspiracy to abolish the tax-free advantage of saving your money in a Cash ISA.

Right now, UK law says that if you earn interest on your savings in a Cash ISA it’s tax-free up to a limit of £20,000 per year in deposits. A Cash ISA is simply a savings bank account with a different name to ensure it falls into the no-tax-on-your-interest scheme. The purpose is to allow people to build up life savings without penalising them by taxing those savings as income.

But lobbyists for financial firms in the City are conspiring to abolish Cash ISAs by ending the tax-free allowance.

We know this because the Financial Times named the people involved, and quoted some of…