https://www.liricaccountants.com/wp-content/uploads/2015/02/taxsaving.jpg 152 331 Lisa Compton https://liricaccount.wpengine.com/wp-content/uploads/2022/11/liric_accountants_website_new-300x198.png Lisa Compton2015-12-31 19:22:202015-12-31 19:22:20Have you heard of the new Personal Savings Allowance (PSA)?
Have you heard of the new Personal Savings Allowance (PSA)?
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.
It’s 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.
From April 2016 banks and building societies will stop automatically taking 20% in income tax from the interest earned on your non-ISA savings.