Tax on savings

daitch101
daitch101 Forumite Posts: 1 Newbie
in Savings & investments
Hi all
My wife has retired early and gets a pension of£7884 per annum.
no other income
savings interest per annum £7729
will she pay tax
thanks

Comments

  • Doctor_Who
    Doctor_Who Forumite Posts: 839
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    daitch101 said:
    Hi all
    My wife has retired early and gets a pension of£7884 per annum.
    no other income
    savings interest per annum £7729
    will she pay tax
    thanks
    No, it will be covered by her personal allowance (£12570) and the starter savings rate (£5000 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.
  • Bigwheels1111
    Bigwheels1111 Forumite Posts: 1,838
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    £10,686 of interest tax free.
    Over 10k a tax return will need to be filed
  • Albermarle
    Albermarle Forumite Posts: 18,745
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    Tax on Interest from Savings — MoneySavingExpert Forum

    Another similar thread with some links.
  • boingy
    boingy Forumite Posts: 648
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    edited 4 July at 3:33PM
    I feel we're going to be seeing lots and lots of similar threads as interest rates rise and loads more people get closer to the tax thresholds.

    Bring back the days of sub 1% savings rates I say  (joke, joke... :) )

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