Tax Free Savings Income

Grab a Grand

interest free tax allowanceJust a reminder that a tax-free allowance of £1,000 is now available for the interest that basic rate taxpayers earn on their savings.

Higher rate taxpayer earning between £43,000 and £150,000 are eligible for a £500 tax-free savings allowance.

People with income in excess of £150,000 a year will be taxed in full on their interest income.

The changes to the tax-free allowance mean that banks and building societies will pay interest gross from 6 April 2016.

If you are unsure how this affects your tax position then talk to Lewis Smith & Co. today.

Call 01384 235549 or email to arrange an appointment


Lewis Smith & Co. – Accounting services for Stourbridge businesses

Image courtesy of Stewart Miles/