Guidance

Personal Savings Allowance

Find information about the Personal Savings Allowance, which was introduced from 6 April 2016.

• From: HM Treasury and HM Revenue & Customs
• Published: 18 March 2015
• Last updated: 25 January 2018 — See all updates

This publication was withdrawn on 3 July 2018

This page has been archived. For the latest information, go to Tax on savings interest.

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Personal Savings Allowance

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From April 2016 HMRC introduced a tax-free Personal Savings Allowance of £1,000 (£500 for higher rate taxpayers) for savings income or interest.

The allowance means that most people will no longer pay tax on their savings interest.

Published 18 March 2015

Last updated 25 January 2018 + show all updates

1. 25 January 2018

   Section 7 updated with information on sole bank accounts, joint account holder and customers not in Self-Assessment.

2. 18 December 2017

   Reference to notify HMRC of your share of the interest via form BBSI5 removed because it is no longer relevant.

3. 29 November 2017

   Personal savings allowances have been updated to the values running from April 2017.

4. 28 September 2016

   Updated with more information on tax-free products that do not count towards PSA

5. 8 February 2016

   Personal Savings Allowance factsheet withdrawn. The information in the factsheet has been incorporated into the latest information published on 4 February 2016.

6. 4 February 2016

   Latest information added about the Personal Savings Allowance, which comes into effect from 6 April 2016.

7. 18 March 2015

   First published.