After it was widely reported the chancellor Rachel Reeves was planning to introduce a 22% charge on interest earned from cash held in stocks & shares ISAs, the Treasury has quashed the reports in a strongly worded reply to Business & Accountancy Daily.

These reforms were reportedly part of ‘anti-circumvention rules’, supposedly taking effect in April 2026.

When approached for clarification, the Treasury said the reports were ‘nonsense’.

The Treasury explained the chancellor had set out ‘ambitious reforms’ to cash ISAs, emphasising they had always said these changes would come into effect in April 2027, and that was still the plan with no delays.

Although the Treasury robustly dismissed any plans for a 22% tax on interest on cash held in stocks & shares ISAs, reform of the ISA regime is still going ahead, with changes to thresholds, and with that comes the usual anxiety over what the final rules will require.