From the 6th April 2016, most UK taxpayers will have a new Personal Savings Allowance (PSA). This means that up to £1,000 of savings income will be tax-free for basic rate taxpayers and up to £500 tax-free for higher rate taxpayers. Additional rate taxpayers will not be entitled to any PSA.
From 6 April we'll no longer be required to take basic rate tax from your savings interest.
There is no action for you to take. If you have savings income below your new Personal Savings Allowance you will have no tax to pay.
If your savings interest exceeds your Personal Savings Allowance, where possible HMRC will collect any tax you have to pay automatically through a change to your tax code - based on information provided by banks and building societies.
If you currently complete a self assessment tax return you should continue to do so. For further information about these changes, go to the HM Revenue & Customs website, and / or seek further advice from your accountant or tax advisor.