What you need to know about a tax-free savings income.

The allowance means that the first £1,000 interest on savings income for basic rate taxpayers (taxable income up to £33,500) is tax-free. For higher-rate taxpayers (taxable income up to £150,000) the PSA is £500. Anyone earning over £150,000 does not benefit from the new PSA. In addition, any taxpayers whose total taxable income is less […]
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