Policy paper

Income Tax: personal savings allowance

This Tax Information and Impact Note is about individuals with savings income, who will be entitled to the personal savings allowance (PSA) from April 2016.

Documents

Draft clause 1

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Draft explanatory notes clause 1

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Draft clause 4

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Draft explanatory notes clause 4

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Details

This legislation means that basic rate tax payers will be able to receive up to £1,000 of savings income, and higher rate taxpayers can receive up to £500 of savings income, without any tax being due. The PSA will not be available to any saver with additional rate income.

Published 9 December 2015