In the Budget 2014 George Osborne stated he would abolish the 10% starting rate of tax for savings, replacing it with a new 0% rate. He also increased the amount of savings this starting rate applies to, from £2,880 to £5,000. From 6 April, one million savers with annual income under £15,600 will get their savings interest paid completely tax-free. Savers can check if they can benefit by using the new online calculator. If eligible for tax-free savings, savers will need to register their account with their bank or building society. If eligible to reclaim tax they have paid on interest, savers should complete form R40 or include the figure on their tax return. People will also be able to transfer Child Trust Funds into Junior ISAs and spouses will be able to inherit their deceased partner’s ISA benefits.