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Tax on Savings interest
HopefullyThisWorks
Posts: 9 Forumite
My partner and I (not married) are both retired and not receiving any pension/income, what is the max interest we can earn on any potential savings?
Am I right in thinking the following:
£12,570.00 Personal allowance
£5,000.00 starting rate for savings
So £17,570.00 each?
Thanks
0
Comments
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If you have no other taxable income whatsoever then it is £18,570 each.
£12,570 covered by the Personal Allowance and £6,000 which is taxed at 0%.
£5,000 courtesy of the savings starter rate band and £1,000 from the savings nil rate band (aka Personal Savings Allowance).3
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