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Author: JP / / Latest News

Changes To The Way We Pay Interest

The Government announced in the 2015 Budget Statement, the introduction of a Personal Savings Allowance and the ending of the Tax Deducted Scheme for interest.  This scheme required banks/ building societies to deduct tax from interest paid on deposits, for certain business and personal accounts.

This means that from 6 April 2016 all credit interest will be paid as a gross amounts and you will be responsible for tax reporting to HMRC of the credit interest you earn and for paying any tax that you owe.

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