From April 2019 the individual tax free personal allowance will be rising to £12,500 with the basic rate of tax allowance rising to £37,500. This means that everybody can earn up to £50,000 for 2019/20 before they begin to pay the higher rate of tax.
The latest news from PMC Partnership incorporating Pomfreys Accountants – 1st October
If are a non tax payer earning below £12,570 you can earn up to £5,000 tax free of interest. If you are a basic rate tax payer earning over £12,570 up to £50,000 you can earn up to £1,000 of interest tax free.