Savings income

PSA (Personal Savings Allowance) applies to income such as bank and social interest building. The allowance covers up to £ 1,000 in introductory rate taxpayer savings and up to £ 500 in higher rate taxpayer savings each year. Assistance is not available for additional taxpayers.

In addition to the PSA, some taxpayers benefit from the first level of savings, taxing 5,000% of 0% income. It is not available if the initial rate of taxable savings exceeds the band.