
10 tips to help you save money on your shopping trips
• 5 years agoAs inflation and import costs have risen, shoppers have been hit with bigger bills when… Read more »
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For basic rate taxpayers, those that earn above £11,000 and below £43,000, can now earn £1000 in interest on your savings tax-free. Higher rate taxpayers, those that earn above £43,000 and below £150,000, can earn £500 in interest before being taxed.
However, if you earn over £150,000, you have no PSA and will be taxed on all savings interest. Alternatively, if your total taxable income is under £17,000 you won’t pay any tax on savings. However, this does not make you exempt from income tax and national insurance – dependent on your take home pay from employment.
Most people have an account like this and are eligible for PSA of £1000 or £500, dependent on their financial situation. There is nothing you need to do to set it up. Since it is automatic, cost-free and hassle-free for you.
It was set up to offer great benefits and financial relief to those who need it, make sure you don’t miss out on gaining tax free interest on eligible savings.