Wednesday, 18 March 2015

Tax free savings

From Budget document...

In a radical reform to the savings tax system, a new Personal Savings Allowance will be created from April 2016, exempting the first £1,000 of savings income from any tax for basic rate taxpayers and the first £500 for higher rate taxpayers, saving up to £200 off an annual tax bill. This will not apply to additional rate taxpayers.

From Treasury:
Banks will stop deducting 20% tax on people’s savings income. 95% of taxpayers (28m people) will benefit. 17m people will be completely removed from tax on their savings income from April 2016.

It's from April 2016

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