Personal Savings Allowance definition

Personal Savings Allowance means the savings interest which most individuals can earn without paying tax. For
Personal Savings Allowance means the savings interest which most individuals can earn without paying tax. For more information visit www.gov.uk and type ‘personal savings allowance’ in the search box.
Personal Savings Allowance. (PSA) means from 6th April 2016 depending on the rate of tax you pay you could earn up to £1,000 of interest per tax year on your Account before having to pay tax on your interest. Please see www.gov.uk for further information.

Examples of Personal Savings Allowance in a sentence

  • 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.

  • If your credit interest is more than your Personal Savings Allowance you may still have tax to pay.

  • Those paying tax at the additional rate are not eligible for the Personal Savings Allowance.

  • Individuals liable to income tax at basic, higher or additional rate may have a further liability to tax depending on the availability of other allowances and reliefs including the annual Personal Savings Allowance.

  • If you earn interest over your Personal Savings Allowance you will be required to pay any tax due yourself directly to HM Revenue and Customs.

  • Some individual Shareholders resident in the United Kingdom will benefit from a tax free allowance (a Personal Savings Allowance) on interest distributions.

  • Any interest distributions in excess of an individual's Personal Savings Allowance will be subject to United Kingdom income tax on the gross interest at 20% in the case of Shareholders subject to basic rate income tax, 40% for Shareholders subject to the higher rate of income tax and 45% for Shareholders subject to the additional rate of tax.

  • Due to changes in UK tax legislation which came into force on 6 April 2017 all interest distributions will be paid gross without deduction of income tax.From 6 April 2016, there is a tax free Personal Savings Allowance of the first £1,000 of interest (including interest distributions) received in a tax year for individual basic rate taxpayers.

  • For individual customers, if the total amount of interest you receive in any tax year exceeds any Personal Savings Allowance to which you’re entitled, you may have tax to pay at the applicable rate.

  • After taking into account the Personal Savings Allowance (if any), for individual UK resident Shareholders, the interest distributions will be subject to UK income tax at 20% in the case of basic rate taxpayers, 40% in the case of higher rate taxpayers, or 45% in the case of additional rate taxpayers.

Related to Personal Savings Allowance

  • Retirement allowance means the retirement payments to which a member is entitled.

  • Health Savings Account means an account as permitted under section 223 of the internal revenue code of 1986, 26 USC 223.

  • NOx Allowance means an authorization to emit a specified amount of NOx that is allocated or issued under an emissions trading or marketable permit program of any kind that has been established under the Clean Air Act or a state implementation plan.

  • Personal Pay means additional pay granted to an employee:

  • training allowance means an allowance (whether by way of periodical grants or otherwise) payable—

  • PHARMACY ALLOWANCE means the lower of: • the amount the pharmacy charges for the prescription drug; • the amount we or our PBM have negotiated with a network pharmacy; or • the maximum amount we pay any pharmacy for that prescription drug.

  • Employer Contribution means the amount paid by an employer, as determined by the employer rate, including the normal and deficiency rates, contributions, and funds wherever used in this chapter.

  • Annual Additions means the sum of the following amounts credited to a Participant for a Limitation Year:

  • SO2 Allowance means “allowance” as defined at 42 U.S.C. § 7651a(3): “an authorization, allocated to an affected unit by the Administrator of EPA under Subchapter IV of the Act, to emit, during or after a specified calendar year, one ton of sulfur dioxide.”

  • Savings Plan or "plans" means a plan that provides different investment strategies and allows account distributions for qualified higher education expenses.

  • income-related employment and support allowance means an income-related allowance under Part 1 of the Welfare Reform Act 2007;

  • Company Matching Contributions means any contributions made to the Company Matching Account of a Participant by a Participating Employer as provided for in Section 4.02.

  • Annual Addition The sum of the following amounts allocated on behalf of a Participant for a Limitation Year, of (i) all Employer contributions; (ii) all forfeitures; and (iii) all Employee contributions. Except to the extent provided in Treasury regulations, Annual Additions include excess contributions described in Code Section 401(k), excess aggregate contributions described in Code Section 401(m) and excess deferrals described in Code Section 402(g), irrespective of whether the plan distributes or forfeits such excess amounts. Annual Additions also include Excess Amounts reapplied to reduce Employer contributions under Section 3.10. Amounts allocated after March 31, 1984, to an individual medical account (as defined in Code Section 415(l)(2)) included as part of a defined benefit plan maintained by the Employer are Annual Additions. Furthermore, Annual Additions include contributions paid or accrued after December 31, 1985, for taxable years ending after December 31, 1985, attributable to post-retirement medical benefits allocated to the separate account of a key employee (as defined in Code Section 419A(d)(3)) under a welfare benefit fund (as defined in Code Section 419(e)) maintained by the Employer.

  • 414(s) Compensation means any definition of compensation that satisfies the nondiscrimination requirements of Code Section 414(s) and the Regulations thereunder. The period for determining 414(s) Compensation must be either the Plan Year or the calendar year ending with or within the Plan Year. An Employer may further limit the period taken into account to that part of the Plan Year or calendar year in which an Employee was a Participant in the component of the Plan being tested. The period used to determine 414(s) Compensation must be applied uniformly to all Participants for the Plan Year.

  • Retirement Plan means a plan which provides retirement benefits to you and which is not funded wholly by your contributions. The term shall not include a profit-sharing plan, informal salary continuation plan, registered retirement savings plan, stock ownership plan, 401(K) or a non-qualified plan of deferred compensation.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Company Matching Account means (i) the sum of all of a Participant's Annual Company Matching Amounts, plus (ii) amounts credited in accordance with all the applicable crediting provisions of this Plan that relate to the Participant's Company Matching Account, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to the Participant's Company Matching Account.

  • Profit Sharing Plan means a profit-sharing plan that is qualified pursuant to 26 U.S.C. § 401 of the Internal Revenue Code and subject to the Employee Retirement Income Security Act, and which provides for employer contributions in the form of cash, but not in the form of stock or other equity interests in a Medical Marijuana Business.

  • disability living allowance means a disability living allowance under section 71 of the SSCBA;

  • Excess Compensation means Compensation in excess of the following Integration Level: (Choose (1) or (2))

  • personal pension scheme means a personal pension scheme which--

  • Retirement Plans means the retirement income, supplemental executive retirement, excess benefits and retiree medical, life and similar benefit plans providing retirement perquisites, benefits and service credit for benefits at least as great in value in the aggregate as are payable thereunder prior to a Change in Control.

  • Employer Matching Contributions means the Employer matching contributions made to the Trust Fund pursuant to Article V (Employer Matching Contributions).

  • Profit Sharing Account means any one of the accounts so designated and provided for in Section 6.01.

  • Employer Account The Participant's Matching 401(k) Contributions Account, Matching Thrift Contributions Account, Employer Contributions Account, Qualified Matching Contributions Account and Qualified Nonelective Contributions Account, as the case may be.

  • Employer Contributions means all amounts paid into ASRS by an