Information about the new Personal Savings Allowance, which will be introduced from 6 April 2016.
From April 2016 HM Revenue & Customs (HMRC) is introducing a tax-free Personal Savings Allowance of £1,000 (£500 for higher rate taxpayers) for savings income or interest.
The new allowance means that most people will no longer pay tax on their savings interest.
Published: 18 March 2015
Updated: 28 September 2016
- Updated with more information on tax-free products that do not count towards PSA
- Personal Savings Allowance factsheet withdrawn. The information in the factsheet has been incorporated into the latest information published on 4 February 2016.
- Latest information added about the Personal Savings Allowance, which comes into effect from 6 April 2016.
- First published.