More tax saved by SAYE

Personal tax saved as a result of Save-As-You-Earn schemes rose by almost a half to £840 million in 2012-13, reported the Financial Times.

This followed a rise in the number of employees taking up the tax-favoured schemes which are offered by most of Britain’s top 100 companies.

The maximum monthly saving in SAYE rose from £250 to £500 in April, giving employees even more scope to benefit from gains that are free of National Insurance and income tax.