P · Glossary
Personal Savings Allowance
Savings interest you can earn tax-free — £1,000 basic / £500 higher / £0 additional rate.
The Personal Savings Allowance (PSA): £1,000 for basic-rate taxpayers, £500 for higher-rate, £0 for additional-rate (45%). Above the PSA, savings interest taxed at your marginal rate.
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