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Savings interest as only income
ringding
Posts: 12 Forumite
If someones only income is from interest on savings, do they have to pay tax if the total interest received p.a. is below the ~£12k that PAYE is paid above?
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Comments
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No tax to pay if interest is £18,570 or less.I get £4,000 carers allowance and over 10k interest.I will pay no tax. But if interest is over 10k A self assessment return will need to be filed.Very simple process£12,570 from pensions, earnings or interest is tax free£ 5,000 starter savings rate.£ 1,000 PSA£18,570 tax free.2
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Don't think so, but they'll have to do a self-assessment if it's over £10k.
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Great. Thank you both. Much appreciated.
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