Tax savings

Silverbird65

As a OAP only have minimal works pension to cover years of opt out in the 1980s. Have some interest on savings over the 1000. What are the allces for low incomes?
Thanks

Jeremy535897

If your income is £12,570 or less (after deducting the lower of your interest or £1,000), you pay no tax.

Silverbird65

I think there is a slightly different way re interest of under 5000 if your income is low. Maybe someone can shed some light.

Jeremy535897

I had assumed that your pensions and interest would be under £12,000, so did not bother with the complexity of the starting rate for savings, which is explained here:
https://www.litrg.org.uk/tax-guides/tax-basics/what-tax-rates-apply-me#how-does-the-starting-rate-for-savings-work