.png)
.png)
New personal savings allowance starts 6 April 2016.
From 6 April 2016 the personal savings allowance will take effect. A new 0% rate will apply to £1 000 of savings income received by a basic rate taxpayer or up to £500 by a higher rate taxpayer. It will not apply to savings income received by 45% additional rate taxpayers.
From the same date banks and building societies will no longer deduct tax from payments of interest under the tax deduction scheme for interest (TDSI). HMRC have published a consultation Deduction of income tax from savings income: implementation of the personal savings allowance on whether changes are also required to tax deduction arrangements in place for other savings income.
There are a range of factors to be considered with a view to:
- helping recipients pay the right...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
