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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