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Savings and Income Tax
vaseymw
Posts: 2 Newbie
I know that if you earn exactly your personal allowance of £11850 you can have £6000 savings interest tax free - and if you earn above £11850 each £1 above reduces the £6000 until you reach £1000 at £16850.
My question is - if you earn less than £11850 - say if you earn £11000 - can you also have that £850 you haven't used for savings interest - ie can you then have £6850 savings interest tax free?
My question is - if you earn less than £11850 - say if you earn £11000 - can you also have that £850 you haven't used for savings interest - ie can you then have £6850 savings interest tax free?
0
Comments
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Yes, you use up any spare personal allowance before interest starts to count against the nil rate bands.0
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