From 6 April 2016 the amount of any Personal Savings Allowance you’re entitled to will be based on your adjusted net income.
For every £2 that your adjusted net income exceeds £100,000, the £10,600 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%.
From April 2016 HM Revenue & Customs (HMRC) is introducing a tax-free Personal Savings Allowance of £1,000 (£500 for higher rate taxpayers) for savings income or interest.
The new allowance means that most people will no longer pay tax on their savings interest.
More information at Adjusted net income Guidance
For every £2 that your adjusted net income exceeds £100,000, the £10,600 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%.
From April 2016 HM Revenue & Customs (HMRC) is introducing a tax-free Personal Savings Allowance of £1,000 (£500 for higher rate taxpayers) for savings income or interest.
The new allowance means that most people will no longer pay tax on their savings interest.
More information at Adjusted net income Guidance
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