Message From HMRC: Don't Pay Too Much Tax on Your Savings Interest

21 January 2015

0% savings rate

Almost everyone who lives in the UK is allowed to earn or receive income of at least £193 each week before tax has to be paid. It's called a personal allowance.

If your income is below this limit you might be able to able to get your savings interest paid tax-free and claim back the tax that has been deducted automatically by your bank or building society.

Other low earners might be able to claim back some of the tax, even where their income is above their personal allowance.

To find out if this applies to you, or to an account you look after for someone else, go to www.gov.uk/apply-tax-free-interest-on-savings


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