Savings interest

Sahara20

I was employed during 2023 to April 2024 tax year.  I am not employed during the current tax year.

Will interest received on savings according to providers annual statement up to April 2024 applied to the current tax year?  E.g If my current tax code is 1257L can I receive up to £12570 in savings interest before paying tax as of now? 

RedImp_2

Interest up to April 24 (5th to be precise but you should have a tax statement from your providers) will be in last years tax. In other words generally speaking any interest over £500 or £1000 depending on your income is taxable.
This year you will have personal allowance + starting rate £5,000 + £1,000 savings allowance 

Sahara20

Will this tax year's personal allowance be lowered to incorporate last year's savings interest?  If this is correct, will they ask for a payment if I am working or will they defer it?

If that is correct, is it done soon?

I have always been PAYE.

Dazed_and_C0nfused

Sahara20 said:

Will this tax year's personal allowance be lowered to incorporate last year's savings interest?  If this is correct, will they ask for a payment if I am working or will they defer it?

If that is correct, is it done soon?

I have always been PAYE.

If you are no longer employed and owe some tax for 2023-24 you can expect to get a Simple Assesment calculation from HMRC later this year.

The tax will be payable direct to HMRC by 31 January 2025.