Personal Savings Allowance

jimgardner

If you are filing a tax return do you still declare interest even if the amount you received is under the £1000 allowance? I didnt thik you declared ISA interest as this was tax free but what about bank account savings of, say, £500? Is it declared or do you only declare the excess over £1000?

Keep_pedalling

Yes you have to declare it as it is still taxable income, although the tax rate on it is currently 0%.

Anything in an ISA you can ignore.

xylophone

You don't declare ISA interest but you do declare non isa interest.

Dazed_and_confused

Agree with previous responses.

All savings income which was previously taxable still is taxable it's just that there is a new tax band (PSA) which some people can benefit from.

Low earners or very high earners will not be able to benefit from the PSA.

Until your total taxable income is known it is impossible to say how much PSA rate band you are entitled to, £0, upto £500 or upto £1,000.