Policy paper
Income Tax: changes resulting from new savings and property rates
This tax information and impact note is about changes to the savings and property rates of Income Tax.
Documents
Details
This measure makes 5 amendments to tax legislation following the Budget 2025 announcement that the savings basic rate of Income Tax will increase from 6 April 2027 and that separate tax rates for property income will be introduced from the same date.
It makes sure that the rules on insurers’ reporting, tax treated as paid on gains from certain foreign life insurance policies, deduction at source, and the Transfer of Assets Abroad legislation continue to operate as intended from 6 April 2027.