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Tax on interest (again!)

Ciprico · 2024-05-07 16:00:21

I know this subject has been done to death - but I still find it confusing. Assuming earnings are: 12570 tax free band 1000 PSA allowance 5000 Starting rate for savings So if I earned 18570, there is no tax to pay If I earnt one pound more, does the "Starting rate for savings" disappear...? 12570 tax free band 1 taxable…

Comments

xylophone Posts: 45,913 Forumite

9 May 2024 at 12:00AM

So if you also had £20k in interest

If you had this amount in savings interest you would need to register for Self Assessment.

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

You need to register for Self Assessment if your income from savings and investments is over £10,000. Check if you need to send a tax return if you’re not sure.

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