Personal Savings Allowance – tax free interest

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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.