The duty to deduct sums representing income tax by banks and building societies was removed by Finance Act 2016, in relation to interest paid or credited on or after 6 April 2016 (and dividends and other distributions paid by a building society on or after that date). This change was aligned with the introduction of the new personal savings allowance (see ¶148-275) to reflect the fact that many savers would no longer be liable for income tax on their interest.

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