FOR ADVISERS ONLY
Personal savings allowance
You may get up to £1,000 of interest tax-free depending on which income tax band you're in. This is your personal savings allowance.
| Tax Year | Basic rate taxpayer | High rate taxpayer | Additional rate taxpayer |
|---|---|---|---|
| 2023/2024 | £1,000 | £500 | Nil |
| 2022/2023 | £1,000 | £500 | Nil |
| 2021/2022 | £1,000 | £500 | Nil |
| 2020/2021 | £1,000 | £500 | Nil |
| 2019/2020 | £1,000 | £500 | Nil |
| 2018/2019 | £1,000 | £500 | Nil |
| 2017/2018 | £1,000 | £500 | Nil |
| 2016/2017 | £1,000 | £500 | Nil |
The allowance applies to interest from:
- bank and building society accounts
- savings and credit union accounts
- unit trusts, investment trusts and open-ended investment companies
- peer-to-peer lending
- trust funds
- payment protection insurance
- government or company bonds
- life annuity payments
- some life insurance contracts
Savings already in tax-free accounts like Individual Savings Accounts and some National Savings and Investments accounts do not count towards your allowance.
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