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4th April 2016
Interest on Savings to be Paid Gross

As of 6 April 2016, HM Revenue and Customs (HMRC) are changing the way in which interest is taxed on your savings.  As a result, credit interest will now be paid gross, which means that tax will not be deducted when interest is paid on your BRI portfolio.

Under these new UK tax rules, interest earned will now contribute towards your personal savings allowance to be reported to the HMRC.  For our clients, this change will take place automatically and we require no action from you.

If you would like further information, please refer to the HMRC fact sheet at the address below.

https://www.gov.uk/government/publications/personal-savings-allowance-factsheet/personal-savings-allowance