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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.
Nearly two thirds (63%) of UK adults are unaware of the tax free savings allowance one week before the launch of New ISAs (NISAs), according to research from MoneySuperMarket.
The survey by the comparison site reveals that 32 million people do not know about the introduction of NISAs.
Of those that have heard of them, 24% do not understand the new rules.
- 68% of 18 to 34 year-olds have not heard of NISAs, rising to 70% of people aged 35-54
- 35% of respondents said they are likely to use a NISA, while 30% said they are unlikely to
- 45% of 18 to 34 year-olds said they might use the new savings products
- 33% of over-55s are likely to use a NISA
- 28% believe NISAs will help them save more
- 45% of 18 to 34 year-olds think they will save more, dropping to 26% of 35 to 54 year-olds and 18% of over-55s.