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New personal saving allowance. All saving income to be paid without deduction of tax at source.
The Low Incomes Tax Reform Group (LITRG) has called for all savings income to be paid without deduction of tax at source when the new personal savings allowance (PSA) is introduced next year. This would automatically give the correct tax due in most cases and reduce administration.
Anthony Thomas LITRG chairman said: “If HMRC act on our recommendation savers will know that no tax has been deducted from any of their savings income. They will not have to check whether tax has been deducted from each individual source of income. Otherwise we believe that deduction of tax at source from some savings income will continue to confuse many low-income taxpayers and they will not claim back tax to which they are entitled.”
A potential drawback of not deducting tax at source is that some individuals will have to notify HMRC that their savings income may generate...
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