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From 6 April 2016, whether you’re a basic or higher-rate taxpayer you’ll be entitled to the new Personal Savings Allowance (PSA). For most people, this means you can earn more savings interest without paying tax.
In fact, the Government predicts that around 95% of savers will now have to pay no tax on savings at all.
The PSA applies not just to the interest you earn from savings accounts, but from bank accounts and credit unions too. Interest that is from ISA accounts does not count towards this allowance and is still completely free from income tax.
The table below shows how much you could put away in savings, based on an interest rate of 1.5% p.a., before having to pay tax on the interest.
If you already fill in a self-assessment tax return, carry on doing this and remember to include your total income from your non-ISA savings.
No. The Personal Savings Allowance is in addition to your annual ISA allowance, the interest made on your ISA account will remain completely tax-free and will not count towards your Personal Savings Allowance.
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Site intended for UK residents only. Skipton Building Society is a member of the Building Societies Association. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under registration number 153706, for accepting deposits, advising on and arranging mortgages and providing Restricted financial advice. Principal Office, The Bailey, Skipton, North Yorkshire, BD23 1DN.