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Personal Savings Allowance (PSA)

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

From 6th April 2016 the way customers pay income tax on the interest earned on their accounts is changing. For most customers who had not completed an R85 form, we used to deduct income tax from their interest at the basic rate of tax before crediting the interest to their account.

 

The Government are changing the regulations, so that from 6th April 2016, we will no longer deduct tax from the interest earned on their 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

Version History
Revision #
4 of 5
Last update:
‎05-04-2016 03:30 PM
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