{"id":295,"date":"2015-03-31T00:00:00","date_gmt":"2015-03-31T00:00:00","guid":{"rendered":"http:\/\/slacc.wpengine.com\/index.php\/banks-to-stop-taking-tax-on-interest-paid\/"},"modified":"2015-03-31T00:00:00","modified_gmt":"2015-03-31T00:00:00","slug":"banks-to-stop-taking-tax-on-interest-paid","status":"publish","type":"post","link":"https:\/\/slacc.co.uk\/index.php\/banks-to-stop-taking-tax-on-interest-paid\/","title":{"rendered":"Banks to stop taking tax on interest paid"},"content":{"rendered":"

\n\t From 6 April 2015 you won’t have to pay tax on interest received if your total income is less than £15,600.<\/p>\n

\n\tAs part of a wider relaxation for savers, the recent Budget pledged to introduce a Personal Savings Allowance (PSA) from 6 April 2016. The main features of the new PSA are:<\/p>\n

    \n
  1. \n\t\tIf your taxable income is less than £42,700 the first £1,000 of your savings income will not be taxed.<\/li>\n
  2. \n\t\tIf your taxable income is between £42,701 and £150,000 a year the first £500 of your savings income will not be taxed.<\/li>\n
  3. \n\t\tIf your taxable income is over £150,000 a year you will not be eligible to claim the PAS and all your savings income (interest received) will be taxed.<\/li>\n<\/ol>\n

    \n\tAt present, the banks (including building societies) deduct tax at 20% before they credit you with interest paid on your savings. In order to accommodate the new PAS, from 6 April 2016 these deductions will cease and interest will be paid gross, without deduction of tax.<\/p>\n

    \n\tSavers in receipt of significant interest receipts, and those paying income tax at the 40% or 45% rates, should take care to reserve part of their interest received to cover any income tax due; otherwise, what you receive from the banks after 6 April 2016 may create unexpected and unwelcome income bills…<\/p>\n","protected":false},"excerpt":{"rendered":"

     From 6 April 2015 you won’t have to pay tax on interest received if your total income is less than £15,600. As part of a wider relaxation for savers, the recent Budget pledged to introduce a Personal Savings Allowance (PSA) from 6 April 2016. The main features of the new PSA are: If your taxable […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[],"class_list":["post-295","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=295"}],"version-history":[{"count":0,"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/295\/revisions"}],"wp:attachment":[{"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}