New tax-free savings allowance


From 6th April 2015 there is a new tax rate for savings interest income.

This will mean that most people with total income for the year of £15,600 or below will be able to have their savings interest paid tax-free (at present there is a 20% standard tax deduction.)

HMRC has more information, and an online calculator, available at:

https://www.gov.uk/taxfreesavings

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