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Personal Savings Allowance (PSA)

Why are you no longer deducting tax from my credit interest?

On 6 April 2016 the Government  changed the regulations, so that from that day we must no longer deduct tax from the interest earned on your account. Depending on your circumstances, you may still be liable to pay income tax on your interest. For more information or guidance on whether you are liable to pay tax on the interest earned on your account you can contact HMRC directly. Learn more