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£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!

Comments

happybagger Posts: 1,310 Forumite

23 November 2024 at 1:46PM

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!

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