Policy paper

Income Tax: personal savings allowance

This Tax Information and Impact Note is about individuals with savings income, who will be entitled to the personal savings allowance (PSA) from April 2016.

• From: HM Revenue & Customs
• Published: 9 December 2015

Documents

Income Tax: Personal Savings Allowance

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Draft clause 1

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Draft explanatory notes clause 1

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Draft clause 4

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Draft explanatory notes clause 4

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Details

This legislation means that basic rate tax payers will be able to receive up to £1,000 of savings income, and higher rate taxpayers can receive up to £500 of savings income, without any tax being due. The PSA will not be available to any saver with additional rate income.

Published 9 December 2015