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Starter rate for savings - is it automatic?
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ForumUser7
Posts: 2,466 Forumite
in Cutting tax
Hi, is the starter rate for savings automatically applied or is it something I need to add myself please? I.e. if my income from employment is less than £12,570, will HMRC be automatically aware that I am eligible for the £1,000 PSA, £5,000 Starter Rate for Savings, plus any remainder from £12,570 less income from employment, or would this be something I'd need to apply for via a self assessment please? Thanks
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N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
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You don't need to do anything.ForumUser7 said:Hi, is the starter rate for savings automatically applied or is it something I need to add myself please? I.e. if my income from employment is less than £12,570, will HMRC be automatically aware that I am eligible for the £1,000 PSA, £5,000 Starter Rate for Savings, plus any remainder from £12,570 less income from employment, or would this be something I'd need to apply for via a self assessment please? Thanks
But it doesn't work in the order you describe.
You use any unused Personal Allowance then
you use any available savings starter rate band and only then can you use the savings nil rate band.
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