David Thomson, chief investment officer at VWM Wealth, discusses income tax changes with The Herald:

“…the changes will act as “more of an incentive” to make use of tax-efficient savings vehicles such as ISAs.

In the current financial year up to £20,000 can be invested in such accounts, with any interest or investment gains being paid free of tax.

For anyone under the age of 40 the Lifetime ISA could also be an option, particularly as the UK Government pays a 25 per cent bonus on the amount saved into one.

While there are tight restrictions on the amount you can save into these accounts – a maximum of £4,000 per tax year – and when you can withdraw the money – either when you buy your first home, turn 60 or are terminally ill – the bonus could more than make up for the extra you are paying in tax.

Someone on £50,000 may be paying £650 more in tax than their English counterparts, but if they save the maximum £4,000 into a LISA they will get £1,000 paid into their account by the UK Government and will still be able to benefit from paying no tax on their investment gains.”

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