HMRC announces 22% tax on cash interest held in stocks and shares Isas

Treasury also promises new first-time buyer Isa with no upper age limit reflecting age at which a first home is bought is rising'

Isa reforms announced on Tuesday promise a new first-time buyer account with no upper age limit, and a tax on interest on cash savings held in a stocks and shares wrapper.

Savers and investors can currently hold up to 20,000 a year in Isas, which offer the chance to earn returns which are not subject to tax.