Is earned interest included in the £12,570 personal tax allowance?
Options
chichikleine
Posts: 11 Forumite
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!
0
Comments
-
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.
0 -
You can earn up to £18,570 in interest without paying tax
0 -
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.
0 -
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.
If you have then the £18,570 drops to £17,310.0 -
till the next election....0
-
With allowances frozen or reductions in place I don't think anything more needs to happen
1 -
Thank you so much for your help!!0
Categories
- All Categories
- 343.4K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.8K Spending & Discounts
- 235.5K Work, Benefits & Business
- 608.3K Mortgages, Homes & Bills
- 173.2K Life & Family
- 248.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards