Personal Savings Allowance – updated guidance

HMRC has recently updated its guidance on the personal savings allowance which applies to savings income or interest. The allowance is £1,000 for basic rate taxpayers and £500 for higher rate taxpayers. The specific part of the guidance which has been updated relates to information on sole bank accounts, joint account holders and customers not using Self-Assessment.

It isn't necessary to do anything to claim the Personal Savings Allowance.

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