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The introduction of the new personal savings allowance means that from 6 April 2016 most people will no longer pay tax on their savings income. The allowance is £1,000 of savings interest per year for basic rate taxpayers and £500 of savings interest per year for higher rate taxpayers. (There is no allowance for additional rate taxpayers.) Interest from ISAs doesn’t count towards your personal savings allowance because it’s already tax-free.
What does this mean to you?
Further information about the personal savings allowance
For further information on how the allowance works go to https://www.gov.uk/government/publications/personal-savings-allowance-factsheet