Personal Savings Allowance( PSA)
We would like to inform that Income tax will no longer be deducted from the interest you earn on your savings account and these changes will take effect on 6th April, 2016.
We will also be updating our terms and conditions accordingly.
The Government is introducing a tax-free Personal Savings Allowance on the interest you earn on your savings and interest paying bank accounts.
- The first £1,000 of savings interest that basic rate taxpayers earn (£500 for higher rate taxpayers) will be free from income tax
- From 6 April, 2016 you will need to make arrangements to pay any tax you may owe directly to HM Revenue & Customs.
- We will be providing you with an interest certificate at the end of the year,
- There will be no tax deduction at the banks end
Please note: We are in the process of updating our Terms and Conditions to reflect the changes of the Personal Savings Allowance.