From April 2016 the Government is introducing a Personal Savings Allowance which will exempt
the first £1,000 of savings income from tax for basic rate taxpayers and the first £500 for higher
rate taxpayers. This is in addition to the other allowances. From that same date there will no
longer be the automatic deduction of 20% income tax by banks and building societies on non-ISA
savings. From April 2016 there is also a new £5,000 dividend allowance for those who receive
dividend income.
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