Personal Savings Allowance

From 6th April 2016 onwards it is estimated that around 95% of savers will no longer pay tax on their savings income. A Personal Savings Allowance (PSA) has been introduced which allows basic rate taxpayers to recieve up to £1,000 tax free savings income each year, the allowance is slightly reduced for higher rate tax payers to £500 per annum and additional rate tax payers are not entitled to the allowance.

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