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Consultation Outcome Published 9 Dec 2015 HM Revenue & Customs ↗ View on GOV.UK

Deduction of income tax from savings income: implementation of the Personal Savings Allowance

HM Revenue & Customs invites comments on possible changes to rules on deduction of tax from savings income.

Opened 15 Jul 2015
Closed 18 Sep 2015
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▤ Verbatim text from source document

The Personal Savings Allowance will be introduced from 6 April 2016, as announced in the March 2015 Budget.

As a consequence, tax will no longer be deducted at source from bank and building society interest.

HM Revenue & Customs (HMRC) is considering changes to rules on deduction of tax from other types of savings income as well.

This consultation seeks views on a series of options, ranging from retention of existing rules to outright abolition.