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Personal Savings Allowance (PSA)

Does the Personal Savings Allowance affect everyone?

Yes. It affects everyone with a non-ISA savings or current account that pays credit interest.

 

From 6 April 2016, everyone with non-ISA savings or current accounts in the UK has had the interest paid gross (without tax taken off) and you are responsible for paying any tax you owe on the interest.

 

Everyone who earns less than £150,000 will either pay no tax on their savings interest or only pay tax on the amount of interest above their Personal Savings Allowance.

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5 of 5
Last update:
June
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