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How much interest can a pensioner get tax free?
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So if my pension is 13k I can still have about 5k savings interest tax free .?0
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Yes, that sounds about right, if you do not have any other taxable income See the link below to the relevant HMRC web page.WHUFC123 said:So if my pension is 13k I can still have about 5k savings interest tax free .?
https://www.gov.uk/apply-tax-free-interest-on-savings0 -
£13,000 pension - £12,570 personal allowance (assuming you've not used Marriage Allowance) = £430WHUFC123 said:So if my pension is 13k I can still have about 5k savings interest tax free .?
£5,000 starting rate - £430 = £4,570 + £1,000 PSA = £5,570 of interest taxed at 0%
'Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it' - Albert Einstein.2
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