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Tax code changed in Jan--- saving interest

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  • So if your income is at or below your PA you can still get interest of up to £6000 tax free?

    Sort of. If your non savings non dividend income is at or below your Personal Allowance then your interest would be taxed like this. Using an example where non savings non dividend income is say £11,000 in 2018:19. And savings income is £7,000. And there is no dividend income.

    £850 is tax free, covered by Personal Allowance
    £5,000 is taxed at 0% (savings starter rate)
    £1,000 is taxed at 0% (savings nil rate)
    £150 is taxed at 20% (savings basic rate)
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