Is earned interest included in the £12,570 personal tax allowance?

chichikleine

I have no income from work or pension. Am I right in thinking that I can earn up to £12,570 per year from interest on my savings, without paying tax? Many thanks in advance for any replies!

masonic

Yes, you can earn more than that without paying any tax, due to the starter savings rate and personal savings allowance coming into play above that level. Presuming there is no other relevant income to consider.

ColdIron

You can earn up to £18,570 in interest without paying tax

https://www.moneysavingexpert.com/savings/tax-free-savings/

MartaUK

Yes, according to this website you can earn £18,570 in interest without paying any tax, provided you do not have any other taxable income that would use the personal tax allowance.

https://www.gov.uk/apply-tax-free-interest-on-savings

Dazed_and_C0nfused

MartaUK said:

Yes, according to this website you can earn £18,570 in interest without paying any tax, provided you do not have any other taxable income that would use the personal tax allowance.

https://www.gov.uk/apply-tax-free-interest-on-savings

And have not applied for Marriage Allowance.

If you have then the £18,570 drops to £17,310.

MarcoM

till the next election....

ColdIron

With allowances frozen or reductions in place I don't think anything more needs to happen

chichikleine

Thank you so much for your help!!