Business Accountant

Home » Tax » Have you heard of the new Personal Savings Allowance (PSA)?

Have you heard of the new Personal Savings Allowance (PSA)?

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 8,109 other subscribers

Archives

Categories

 

British piggy bank

From April 2016 the new Personal Savings Allowance (PSA) will start.

The PSA will apply to all non-ISA cash savings and current accounts, and will allow some savers to receive a generous portion of their interest totally free of tax.

Its expected that 95% of savings will no longer be taxed.

Basic rate taxpayers will receive £1,000 in savings income tax free, higher rate taxpayers get a band of £500 and additional rate tax payers get nothing.

The current TDSI (tax deduction scheme for interest) will stop.

 

PSA

steve@bicknells.net


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Follow Business Accountant on WordPress.com

Enter your email address to follow this blog and receive notifications of new posts by email.

%d bloggers like this: