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Tax on Savings
Spidermidge
Posts: 7 Forumite
Hi
I took early retirement. I wont get my state pension until Dec 2026.
As from April i wont be earning or collecting any pension. Does this mean that i wont have to pay any tax on any of my savings, i normally pay 20%
Thanks all.
I took early retirement. I wont get my state pension until Dec 2026.
As from April i wont be earning or collecting any pension. Does this mean that i wont have to pay any tax on any of my savings, i normally pay 20%
Thanks all.
0
Comments
-
You never need to pay tax on savings themselves but can earn up to £18,570 of savings interest without paying tax if you don't have any other income:
https://www.moneysavingexpert.com/savings/tax-free-savings/0 -
That is just what i needed to hear. Thankyou.0
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