Personal Savings Allowance (PSA)

Personal Savings Allowance (PSA)

The Personal Savings Allowance (PSA) was introduced in April 2016 to enable all basic rate tax payers to receive the first £1,000 of savings interest tax free (£500 for higher rate tax payers). Thus if you are just noticing that your savings is gross of tax at your bank rather than net, this is the reason !

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