Tax-free savings boost for first-time buyers

Joe Murphy and Paul Waugh, Evening Standard Chancellor Alistair Darling is planning to help first-time buyers find the money for a deposit through a tax-free savings scheme. 'One of the things I'm looking at is to have a special where people can save with perhaps better concessions, providing they put that money into a deposit for a house,' he said. The idea would be a big help to young people who cannot get a 100% mortgage because of the credit squeeze. Isa rules limit annual savings to £7,200. The plans are at an early stage, but, for instance, if that was lifted by 25% a couple could save £45,000 tax free over five years. Blow to Darling as auditor rejects Treasury accounts Chancellor Alistair Darling faced more humiliation today after Britain's spending watchdog refused to approve the Treasury's accounts. The hardline... [read full story]