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


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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