Do I have any personal tax-free savings allowances outside of an innovative finance ISA?

Yes, you are entitled to a Personal Savings Allowance.

From April 2016, the new Personal Savings Allowance means that basic rate taxpayers do not have to pay tax on the first £1,000 of savings income they receive and higher rate taxpayers do not have tax to pay on their first £500 of savings income.

Personal savings allowance

  Tax year 2021 to 2022 Tax year 2022 to 2023
Personal savings allowance for basic rate taxpayers                         £1,000                  £1,000
Personal savings allowance for higher rate taxpayers                            £500                     £500



Updated 6th April 2022