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Does bank interest gets added to your income which dictates your tax bracket and PA?
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Dazed_and_C0nfused said:Spir4 said:Dazed_and_C0nfused said:Spir4 said:I was referring to taxable interest indeed, but I didn't think of ISA interest, so you make an interesting point.
So say in Scenario 1, if that interest was from an ISA, your total income would be seen as £100,000 and your PA wouldn't get reduced? You get the £500 without any implications at all?
If you have income from employment of £100,000 what use is the £500 savings nil rate band 🤔
Scenario 1:Your income from employment is £100,000
Thanks Bookworm105 for confirming!
If your adjusted net income is £100,500 then you will lose £250 of your Personal Allowance.0
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