Guidance

Personal Savings Allowance

Information about the new Personal Savings Allowance, which will be introduced from 6 April 2016.

Detail

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.