Personal Savings Allowance

mikebrown70

I'm currently doing my self assessment tax return and I have received interest from a bank account under the £1000 personal savings allowance (PSA). When I enter the amount into the gross  section it is trying to tax me and if I enter the amount in the net section it is trying to refund me tax. There is no mention of the PSA anywhere. Has anyone had the same experience? Thanks   

Dazed_and_C0nfused

There is no allowance for savings interest.

There is a nil rate band, commonly and confusingly referred to as the Personal Savings Allowance.

You need to enter the income in the untaxed interest section not the taxed interest bit.

And remember just because income is taxed at 0% doesn't mean it doesn't increase your overall tax liability.  It could mean you have more High Income Child Benefit Charge to pay or have a reduced Personal Allowance.  Or if you are old enough a reduced Married Couple's Allowance.

CKhalvashi

You'll only need to add the untaxed (if any) part into the box, excluding anything covered by the PSA.

As Dazed and Confused mentions above, there could be other implications for this allowance, but not worth worrying about unless you're pushing allowances at this stage.

Jeremy535897

CKhalvashi said:

You'll only need to add the untaxed (if any) part into the box, excluding anything covered by the PSA.

As Dazed and Confused mentions above, there could be other implications for this allowance, but not worth worrying about unless you're pushing allowances at this stage.

All bank interest is untaxed, and you need to include the full amount. The program gives you whatever allowances you are entitled to based on the full figures.