{"id":671,"date":"2016-10-12T13:14:31","date_gmt":"2016-10-12T12:14:31","guid":{"rendered":"https:\/\/lancasterclements.co.uk\/?p=671"},"modified":"2016-10-07T16:15:08","modified_gmt":"2016-10-07T15:15:08","slug":"changes-to-the-taxation-of-interest-receipts","status":"publish","type":"post","link":"https:\/\/www.lancasterclements.co.uk\/changes-to-the-taxation-of-interest-receipts\/","title":{"rendered":"Changes to the taxation of interest receipts"},"content":{"rendered":"<h1>On 6 April 2016 a new allowance &#8211; the Savings Allowance &#8211; was introduced into our tax system. The Savings Allowance applies a new 0% rate for up to \u00a31,000 of interest receipts for a basic rate taxpayer and up to \u00a3500 for a higher rate taxpayer. This has meant changes to the taxation of interest receipts.<\/h1>\n<p>A consequential change to the machinery of tax deduction by the entity paying the interest has been made. The introduction of the Savings Allowance will mean that the majority of taxpayers will not pay tax on their interest. The government has therefore removed the requirement (from 6 April 2016) for banks and building societies to deduct tax from account interest they pay to customers.<\/p>\n<p>However, in 2016\/17 basic rate tax will still be deducted at source from some forms of savings income such as interest distributions from unit trusts and OEICs. The government proposes to remove this requirement from April 2017.<\/p>\n<p>Of course if your interest income exceeds the Savings Allowance, there will be extra tax to pay and if you are a higher rate taxpayer, you are more likely to be in this position as the Savings Allowance is only \u00a3500.<\/p>\n<h1>If you require any further advice or information then please\u00a0contact us on our <a href=\"https:\/\/lancasterclements.co.uk\/contact-us\/\"><span style=\"color: #000080;\">contact page<\/span><\/a>\u00a0for further assistance.\u00a0<strong>To find out more about the services that we offer, visit our\u00a0<a href=\"https:\/\/lancasterclements.co.uk\/our-services\/\"><span style=\"color: #000080;\">Services<\/span><\/a>\u00a0page.<\/strong><\/h1>\n<p>&nbsp;<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>On 6 April 2016 a new allowance &#8211; the Savings Allowance &#8211; was introduced into our tax system. The Savings Allowance applies a new 0% rate for up to \u00a31,000 of interest receipts for a basic rate taxpayer and up to \u00a3500 for a higher rate taxpayer. This has meant changes to the taxation of [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Changes to the taxation of interest receipts - Lancaster Clements<\/title>\n<meta name=\"description\" content=\"Accountants in West Midlands, Wolverhampton, Birmingham, Henley in Arden, Cannock, Walsall, Telford, Dudley advising on changes to the taxation of interest receipts\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lancasterclements.co.uk\/changes-to-the-taxation-of-interest-receipts\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Changes to the taxation of interest receipts - Lancaster Clements\" \/>\n<meta property=\"og:description\" content=\"Accountants in West Midlands, Wolverhampton, Birmingham, Henley in Arden, Cannock, Walsall, Telford, Dudley advising on changes to the taxation of interest receipts\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lancasterclements.co.uk\/changes-to-the-taxation-of-interest-receipts\/\" \/>\n<meta property=\"og:site_name\" content=\"Lancaster Clements\" \/>\n<meta property=\"article:published_time\" content=\"2016-10-12T12:14:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-10-07T15:15:08+00:00\" \/>\n<meta name=\"author\" content=\"Mark Cupitt\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark Cupitt\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.lancasterclements.co.uk\/changes-to-the-taxation-of-interest-receipts\/\",\"url\":\"https:\/\/www.lancasterclements.co.uk\/changes-to-the-taxation-of-interest-receipts\/\",\"name\":\"Changes to the taxation of interest receipts - Lancaster Clements\",\"isPartOf\":{\"@id\":\"https:\/\/www.lancasterclements.co.uk\/#website\"},\"datePublished\":\"2016-10-12T12:14:31+00:00\",\"dateModified\":\"2016-10-07T15:15:08+00:00\",\"author\":{\"@id\":\"https:\/\/www.lancasterclements.co.uk\/#\/schema\/person\/cbc1dad775073e724d66edd282de82ea\"},\"description\":\"Accountants in West Midlands, Wolverhampton, Birmingham, Henley in Arden, Cannock, Walsall, Telford, Dudley advising on changes to the taxation of interest receipts\",\"breadcrumb\":{\"@id\":\"https:\/\/www.lancasterclements.co.uk\/changes-to-the-taxation-of-interest-receipts\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.lancasterclements.co.uk\/changes-to-the-taxation-of-interest-receipts\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.lancasterclements.co.uk\/changes-to-the-taxation-of-interest-receipts\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.lancasterclements.co.uk\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Changes to the taxation of interest receipts\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.lancasterclements.co.uk\/#website\",\"url\":\"https:\/\/www.lancasterclements.co.uk\/\",\"name\":\"Lancaster Clements\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.lancasterclements.co.uk\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.lancasterclements.co.uk\/#\/schema\/person\/cbc1dad775073e724d66edd282de82ea\",\"name\":\"Mark Cupitt\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.lancasterclements.co.uk\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/080fada0892d950f463b7e42782775bf?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/080fada0892d950f463b7e42782775bf?s=96&d=mm&r=g\",\"caption\":\"Mark Cupitt\"},\"url\":\"https:\/\/www.lancasterclements.co.uk\/author\/mark\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Changes to the taxation of interest receipts - Lancaster Clements","description":"Accountants in West Midlands, Wolverhampton, Birmingham, Henley in Arden, Cannock, Walsall, Telford, Dudley advising on changes to the taxation of interest receipts","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.lancasterclements.co.uk\/changes-to-the-taxation-of-interest-receipts\/","og_locale":"en_GB","og_type":"article","og_title":"Changes to the taxation of interest receipts - Lancaster Clements","og_description":"Accountants in West Midlands, Wolverhampton, Birmingham, Henley in Arden, Cannock, Walsall, Telford, Dudley advising on changes to the taxation of interest receipts","og_url":"https:\/\/www.lancasterclements.co.uk\/changes-to-the-taxation-of-interest-receipts\/","og_site_name":"Lancaster Clements","article_published_time":"2016-10-12T12:14:31+00:00","article_modified_time":"2016-10-07T15:15:08+00:00","author":"Mark Cupitt","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Mark Cupitt","Estimated reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.lancasterclements.co.uk\/changes-to-the-taxation-of-interest-receipts\/","url":"https:\/\/www.lancasterclements.co.uk\/changes-to-the-taxation-of-interest-receipts\/","name":"Changes to the taxation of interest receipts - Lancaster Clements","isPartOf":{"@id":"https:\/\/www.lancasterclements.co.uk\/#website"},"datePublished":"2016-10-12T12:14:31+00:00","dateModified":"2016-10-07T15:15:08+00:00","author":{"@id":"https:\/\/www.lancasterclements.co.uk\/#\/schema\/person\/cbc1dad775073e724d66edd282de82ea"},"description":"Accountants in West Midlands, Wolverhampton, Birmingham, Henley in Arden, Cannock, Walsall, Telford, Dudley advising on changes to the taxation of interest receipts","breadcrumb":{"@id":"https:\/\/www.lancasterclements.co.uk\/changes-to-the-taxation-of-interest-receipts\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.lancasterclements.co.uk\/changes-to-the-taxation-of-interest-receipts\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.lancasterclements.co.uk\/changes-to-the-taxation-of-interest-receipts\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.lancasterclements.co.uk\/"},{"@type":"ListItem","position":2,"name":"Changes to the taxation of interest receipts"}]},{"@type":"WebSite","@id":"https:\/\/www.lancasterclements.co.uk\/#website","url":"https:\/\/www.lancasterclements.co.uk\/","name":"Lancaster Clements","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.lancasterclements.co.uk\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"},{"@type":"Person","@id":"https:\/\/www.lancasterclements.co.uk\/#\/schema\/person\/cbc1dad775073e724d66edd282de82ea","name":"Mark Cupitt","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.lancasterclements.co.uk\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/080fada0892d950f463b7e42782775bf?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/080fada0892d950f463b7e42782775bf?s=96&d=mm&r=g","caption":"Mark Cupitt"},"url":"https:\/\/www.lancasterclements.co.uk\/author\/mark\/"}]}},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.lancasterclements.co.uk\/wp-json\/wp\/v2\/posts\/671"}],"collection":[{"href":"https:\/\/www.lancasterclements.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lancasterclements.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lancasterclements.co.uk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lancasterclements.co.uk\/wp-json\/wp\/v2\/comments?post=671"}],"version-history":[{"count":4,"href":"https:\/\/www.lancasterclements.co.uk\/wp-json\/wp\/v2\/posts\/671\/revisions"}],"predecessor-version":[{"id":687,"href":"https:\/\/www.lancasterclements.co.uk\/wp-json\/wp\/v2\/posts\/671\/revisions\/687"}],"wp:attachment":[{"href":"https:\/\/www.lancasterclements.co.uk\/wp-json\/wp\/v2\/media?parent=671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lancasterclements.co.uk\/wp-json\/wp\/v2\/categories?post=671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lancasterclements.co.uk\/wp-json\/wp\/v2\/tags?post=671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}