Since 6 April 2016 every individual has a new “personal savings allowance”. This allows interest to be received tax free up to set amounts. The allowance is £1,000 for basic rate tax payers and £500 for higher and zero for additional rate tax payers. Also since 6 April 2016 interest has been paid by banks and building societies without the deduction of tax.
Personal Savings Allowance – tax free interest
on 4 October 2016 with No Comments