Abbey Savings: Brits believe taxes should reward hard work

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Abbey Savings: Brits believe taxes should reward hard work

According to new research, 85 per cent of Brits believe that the current UK tax regime does not do enough to reward those who save money and work hard.

Some 57 per cent of respondents said tax-breaks would encourage them to save more, while 89 per cent felt that all savings should be tax-free.

Only a third of people questioned thought that the increase in the overall tax-free individual savings account allowance to £7,200 in April 2008 would have any impact on their savings levels.

The majority of Brits (89 per cent) also believe that older people should not have to pay any tax on their pension income, while a further 87 per cent think that there should be greater tax breaks for those on low incomes trying to save.

Reza Attar-Zadeh, director of savings and investments at Abbey, said: "Our research shows that increasing the tax-free savings allowance further, or indeed abolishing tax on savings completely, would encourage the majority of Brits to save more for the future."

Nationwide recently called on chancellor Alistair Darling to use the upcoming Budget to implement measures aimed at encouraging people to save.
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