We'd like to remind Forumites to please avoid political debate on the Forum... Read More » This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

£5000 starting rate for savings

grannysaver · 2024-11-22 11:00:52

HMRC have told me that this £5000 allowance does not apply to interest on savings accounts, just on capital gains etc. is this correct? My understanding was that, being on a low income I can earn £5000 interest on my bank/building society savings before I pay tax. Please help!

Options

Comments

happybagger Posts: 1,037 Forumite

23 November 2024 at 2:46PM

Thanks both. I didn't see the line about taking off the PSA manually first, must admit. Naively assumed it would do that at the end calculation!

0