Personal savings allowance

2 Posts
If I have a fixed 3 year savings plan and earn £2700 interest over that period will I be taxed on £1700 (2700-1000 allowance) in the year of maturity or could I carry forward the allowance each year?
MK
MK
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You may be able to benefit from the savings starter rate band if your non savings non dividend income (wages, pension, business profits etc) are less than £17,570.
The interest is taxable for the tax year the provider reports it to HMRC so worth checking the terms of the account.