Tax on Investments

Stma123

Hello hive minds 
I have an investment , giving me a monthly income in interest of approx £344 per month. since July 2024 .
This is my only income .. what is my tax situation any advice ? 

I do not work and have only just recently returned to the Uk . 

I am paying NI contributions and I am 60 years old . 

Organgrinder

Hello and welcome.

Your tax situation depends on the investment.

This may help.

https://www.moneyhelper.org.uk/en/savings/types-of-savings/tax-on-savings-and-investments#:~:text=Back to top-,Tax on investments,allowance if you own shares.

Ayr_Rage

If you are not working what NI contributions are you making?

Organgrinder

Also tagging @Albermarle who I think is pretty good at answering such questions!

(Apologies if I'm incorrect!)

Albermarle

I have an investment , giving me a monthly income in interest of approx £344 per month. 

Can you supply more details about the investment, where it is held and how the income is generated ?
Although as you mention interest, is it maybe a savings account rather than an investment?

Also when you have those details, repost your question on this forum, where you will get more/better answers.
Cutting tax — MoneySavingExpert Forum

Albermarle

Organgrinder said:

Also tagging @Albermarle who I think is pretty good at answering such questions!

(Apologies if I'm incorrect!)

Not so hot on any complicated tax issues though !

Organgrinder

Albermarle said:

Organgrinder said:

Also tagging @Albermarle who I think is pretty good at answering such questions!

(Apologies if I'm incorrect!)

Not so hot on any complicated tax issues though !

Far too modest!

Stma123

Thanks all , will answer a few questions here they go as directed .
investment is indeed in a 90 day saving account.
NI contributions are voluntary 

Albermarle

Stma123 said:

Thanks all , will answer a few questions here they go as directed .
investment is indeed in a 90 day saving account.
NI contributions are voluntary 

If you have no other taxable income, then you have your
Personal allowance of £12570
Saver starting rate  of £5000
Personal savings allowance of £1000

So you can earn up to £18570 in interest without paying any tax.
Also at the level you are getting there is no need to report the interest to HMRC, the savings provider will do that for you.

As soon as you receive any other taxable income, the amount of interest you can receive will reduce.
Note that the state pension is taxable income.

£344 a month is not very much to live off !

Stma123

Thanks so much …  …