Tax on savings interest for PhD student
Hi - I’ve just started a full-time PhD and hence my income is in the form of a stipend, which is not subject to income tax. Since I’m not using up any of my personal tax allowance, do I qualify for the “Starting rate for savings” and can I therefore earn up to £5,000 in savings interest before paying tax? Or would my stipend (£17,688 a year), although not subject to income tax, still be classed as income and therefore result in me not being eligible for the £5,000 starting rate for savings?
I can’t find any information about this particular scenario online so any help would be appreciated.
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