article_snippet: Ordinary families will not have to pay a single penny of tax on Ordinary families savings, Osborne announced today.
article_snippet: The Chancellor said The Chancellor was abolishing all tax on the first £1,000 of interest savers earn from interest savers nest eggs.
article_snippet: Until now, people earning less than £42,700 have had to pay 20 per cent tax on the interest people get from people savings - while those on up to £150,000 have been taxed at 40 per cent.
article_snippet: Today's announcement means 95 per cent of savers will no longer pay any tax on savers savings.
article_snippet: Osborne said savers have paid tax already on the money when savers earned the money
article_snippet: The Chancellor said The Chancellor was abolishing all tax on the first £1,000 of interest savers earn from interest savers .
article_snippet: The Chancellor told MPs: ‘With our new Personal Savings Allowance, 17 million people will see the tax on 17 million people savings not just cut, but abolished.
article_snippet: ‘An entire system of tax collection can be scrapped.
article_snippet: From next year the punitive tax charge of at least 55% will be abolished.
article_snippet: Tax will be applied only at the marginal rate. '
article_snippet: Until now, people earning less than £42,700 have had to pay 20 per cent tax on the interest people get from people savings - while those on up to £150,000 have been taxed at 40 per cent .
highlights_snippet: No tax on the first £1,000 of interest savers earn from interest savers nest eggs .
  
highlights_snippet: Announcement means 95% of savers will no longer pay any tax on savings .
  