⏳ Reading Time: 9 minutesThe majority of UK citizens resident here in the UK are able to earn some interest on their savings without having to pay any tax, thanks to specific allowances which include:
Your personal allowance
The starting rate for savings
The personal savings allowance (PSA)
All three of these allowances are allocated and refreshed each tax year, and how much you receive is dependent on your other income. To avoid any doubt, the tax year starts on the 6th of April and ends on the 5th of April of the following year.
