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Tax on savings account interest
martyp
Posts: 1,106 Forumite
Hi all,
I just wanted to be sure that I wouldn't pay any tax on interest on savings. Total amount in savings being under £10k and my salary is £21k as on here it says I wouldn't but I'm confused by what it says on the government website about having no allowance over £17.5k?
https://www.gov.uk/apply-tax-free-interest-on-savings
I just wanted to be sure that I wouldn't pay any tax on interest on savings. Total amount in savings being under £10k and my salary is £21k as on here it says I wouldn't but I'm confused by what it says on the government website about having no allowance over £17.5k?
https://www.gov.uk/apply-tax-free-interest-on-savings
0
Comments
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The allowance I think you are seeing is the 'starting rate for savings' which is an additional maximum £5000 that is sometimes available in addition to the £1000 which basic rate tax payers have available. But you only get that if you earn less than £17570, if you are a basic rate tax payer and earn more then you only get the £1000.So in conclusion you're fine - unless you've got a fantastic interest rate which means that your savings earn more than £1000 in interest
2 -
Excellent, many thanks for confirming.0
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