PSA Info

Personal Savings Allowance

PSA Info

On 6 April 2016, the Government introduced the Personal Savings Allowance. This allows you to earn interest on your savings and current account balance tax free, up to a certain amount.

  • Basic rate tax-payer can earn £1,000 in interest tax free
  • Higher rate tax-payer can earn £500 in interest tax free

What this means for you?

How much will your allowance be?

For details on what your Personal Savings Allowance will be in the current tax year, please visit the HMRC website.

Important Information

Allowance Limit

If you exceed your Personal Savings Allowance you may still need to pay tax on the interest you earn. HMRC will normally collect this by changing your tax code.

The current tax rules are subject to change by HM Revenue & Customs and the value of tax benefits depends on individual circumstances.

For more information please visit:

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