Personal savings allowance

Savings income includes:

• interest from banks, building societies and other account providers (such as credit unions and NS&I)
• interest distributions (but not dividend distributions) from authorised unit trusts, open-ended investment companies and investment trusts
• income from government or company bonds
• some types of purchased life annuity payments and gains from certain contracts for life insurance 

No, income from ISAs does not count towards your Personal Savings Allowance. 

Accounts paying annual credit interest (such as Regular Saver or Fixed Rate Saver), which mature up to and including 5 April 2016, will receive net credit interest at maturity, unless you have registered to receive gross interest by completing either a Form R85 or Form R105. Customers with accounts paying annual credit interest, which will mature on or after 6 April 2016, will automatically receive gross credit interest.

Accounts paying monthly credit interest will receive net credit interest on payments made up to and including 5 April 2016, unless you have registered to receive gross credit interest by completing either a Form R85 or Form R105. Credit interest payments made on or after 6 April 2016 will automatically be paid gross. 

No, changes only apply to savings income paid after 6 April 2016. 

No, you do not need to give us any information about your tax rate or other savings income.

You do not need to do anything because from 6 April 2016 all credit interest will be paid without tax taken off.

Banks and building societies will still be required to take tax from any compensation interest paid. You may be able to claim the tax back by filling in form R40 (or form R43 if living overseas) and sending it to HMRC. These forms are available online at GOV.UK. 

From 6 April 2016, banks and building societies will pay credit interest with no tax taken off. However, you may still receive other types of savings income with tax taken off (for example: interest distributions, but not dividend distributions, from authorised unit trusts, open-ended investment companies and investment trusts). You may be able to claim this tax back by filling in form R40 (or form R43 if living overseas) and sending it to HMRC. These forms are available online at GOV.UK.

Only individuals get a Personal Savings Allowance.

If your accounts relate to a business, charity, club or association, they will automatically receive interest without tax taken off from 6 April 2016.

If you are a trustee or are administering an estate, we will no longer deduct tax from the credit interest we pay, so any tax due will have to be paid through the trust/estate tax return, where appropriate.