How much tax will I pay on my savings?

Every basic rate taxpayer in the UK has a Personal Savings Allowance of £1,000. This means the first £1,000 of savings interest earned in a year is tax free. If you are a higher rate taxpayer (40%) then your allowance is £500.

When does the tax year run to?

The tax year runs from April 6  to April 5 in the following year.

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