Tax on Savings

BJS70 · 2022-12-06 11:32:35

Hi All, my wife does not work and has no income, we live on my Army pension, would she have to pay tax on the interest earned if she earned over the £1000 threshold? many thanks for any advice or help.

6 December 2022 at 11:32AM in Savings & investments

13 replies 361 views

Replies

6 December 2022 at 1:11PM

Dazed_and_C0nfused Forumite
9.6K Posts

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6 December 2022 at 1:11PM

Does your tax code end with the letter L or M?

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6 December 2022 at 1:13PM

BJS70 Forumite
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6 December 2022 at 1:13PM

Just checked my tax code and it’s 1383M so it looks like I’m getting MA already.

0
6 December 2022 at 1:24PM

Dazed_and_C0nfused Forumite
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6 December 2022 at 1:24PM

Yep, that is a typical code for Marriage Allowance

Personal Allowance £12,570
Marriage Allowance £1,260
Tax code Allowances 13830
Tax code 1383M

1