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UK households have put a record £103bn in cash ISAs amid fears of HMRC rule changes under the Labour Party government. Savers opened 15m Isas in the 2023-24 tax year, up from 12.4m the year before and the highest level for 13 years.

The number of cash Isas increased by 2.1m to just shy of 10m, with the total squirrelled away in this type of account jumping 67% to almost £70bn, according to HMRC.

HMRC data shows an “increased returns to savings are likely to have increased the attractiveness of Isas as a means to reduce savings income tax liabilities.”

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Rachael Griffin, a tax and financial planning expert at Quilter, said: “These figures don’t yet capture the frenzy of cash Isa ‘stuffing’ in

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