Check if you’ll qualify for either:
- all your interest tax-free (if your taxable income is less than £15,600)
- a refund on some of the tax on your interest (if your taxable income is less than £15,600 when you don’t include savings interest)
Getting all your interest tax-free
It can be more than this if you get any of the following:
- Blind Person’s Allowance
- Marriage Allowance
- Married Couple’s Allowance
- age-related Personal Allowance
What you need to do
Contact your bank or building society to tell them you’re eligible. They’ll register you for tax-free savings.
If you’ve registered before for tax-free savings on each of your accounts, you don’t need to do it again.
Getting a refund on some of your interest
You could get a refund during the 2015 to 2016 tax year if all of the following apply:
- you already have details of your total taxable income including savings interest
- your total income is more than £15,600
- the amount that’s not from savings interest is less than £15,600
When you have your final figures for the 2015 to 2016 tax year, fill in form R40 and send it to HM Revenue and Customs (HMRC).
Contact the savings helpline if you need help and advice.