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Personal Savings Allowance (PSA)

When do I pay tax on credit interest?

You only need to pay tax on any interest you earn above your Personal Savings Allowance. You'll be responsible for making sure you're paying the correct tax. From 6 April 2016, all banks and building societies will stop deducting tax from interest earned on non-ISA savings and current accounts. If you owe any tax on your interest, you'll pay it directly to HMRC. If you are unsure if you are required to pay tax, please contact HMRC on their website.

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2 of 2
Last update:
‎11-04-2016 01:05 PM
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