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Changes to how interest is paid

Your interest will be paid gross from 6 April 2016
In the 2015 budget, the government announced that from 6 April 2016 a new tax-free Personal Savings Allowance would be introduced for individuals.

Interest paid on or after 6 April 2016 will be calculated using the gross rate. This means all the interest we pay you will be without tax deducted. For sole traders and individual partnerships, if the total amount of interest you receive exceeds any Personal Savings Allowance to which you’re entitled, you may have to pay tax at the applicable rate. This would need to be paid directly to HM Revenue & Customs. For more information, please visit and search for 'Personal Savings Allowance'.

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