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

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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


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