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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 are responsible for making sure you're paying the correct tax. Since 6 April 2016 banks and building societies no longer deduct tax from interest earned on savings and current accounts. Any tax due on your interest is paid directly to HMRC. If you are unsure whether you are required to pay tax please contact HMRC on their website.