£1000 savings allowance from April 2016?

C_Mababejive

Apologies if already covered..how will this work??

Archi_Bald

It will be subject to legislation which may or may not happen, depending on who will be [pulling the strings] in the next government.

The general idea was that

1. interest would no longer get taxed at source
2. BR tax payers who receive more than £1,000, higher rate payers who receive more than £500 in interest per year, and all additional tax payers would declare their interest income to the HMRC. HMRC would then collect any tax due, in the same way they collect extra tax due today.

If it happens, we will hear further details in due course.

Ed-1

I think we can safely assume this is a goer now.

steelbru

It was pretty much certain to happen anyway - after it was announced Milliband said they would not change the proposal if they were in power