Tax free interest

drmouse · 6 July 2015 at 12:28PM

Hi all

I read with interest (pun intended) the government's plan not to charge tax on the first £1000 of savings interest. Does anyone know if this will apply, for example, to current accounts paying interest on credit balances?

Thanks
Mouse

colsten · 6 July 2015 at 12:35PM

Once implemented, it will apply to all interest received.

Details on how it will be administered are still to be confirmed. As is the actual allowance.

drmouse · 6 July 2015 at 12:48PM

Thank you. I'll keep an eye out for more details as they surface.

bigfreddiel · 6 July 2015 at 10:10PM

Did you know that for this tax year only 2015/16, you can earn £5,000 interest tax free!

But only if all your other income is less than the annual allowance or thereabouts. There is a calculator on the gov website.

Cheers fj

Tax free interest

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