you pay no tax on interest if your income is less than £17570

markbsac

why does martin never mention the following on his programme i have just watched the savings special and he never mentioned it...my pension is below £17570 my only income.

If your taxable income is less than £17,570, you will not pay tax on the interest you receive from your savings. This includes the £5,000 starting rate for savings and the £12,570 personal allowance. 

Middle_of_the_Road

£18,570 in some cases 
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#savingstax

Peter999_2

markbsac said:

why does martin never mention the following on his programme i have just watched the savings special and he never mentioned it...my pension is below £17570 my only income.

If your taxable income is less than £17,570, you will not pay tax on the interest you receive from your savings. This includes the £5,000 starting rate for savings and the £12,570 personal allowance. 

Why hasn't he mentioned it?        In my experience it's because he hasn't read it in the forum yet - that tends to be where he gets all his information and doesn't ever credit anyone who posts the information.

Newly_retired

He did mention it in his show on  savings last week.

Middle_of_the_Road

Peter999_2 said:

markbsac said:

why does martin never mention the following on his programme i have just watched the savings special and he never mentioned it...my pension is below £17570 my only income.

If your taxable income is less than £17,570, you will not pay tax on the interest you receive from your savings. This includes the £5,000 starting rate for savings and the £12,570 personal allowance. 

Why hasn't he mentioned it?        In my experience it's because he hasn't read it in the forum yet - that tends to be where he gets all his information and doesn't ever credit anyone who posts the information.

So ML gets all his information from this forum? 🤔
Seems a little chicken or egg to me.
At least the OP was satisfied with the explanation 😄

Barkin

markbsac said:

Newly_retired said:

He did mention it in his show on  savings last week.

i never heard him say anything about if you earn below 17570 you wont pay tax on any interest on the first  £5000, only that you dont pay tax on the first £1000 of interst

I'd be rather surprised if he said that, because it's not the case...

Dazed_and_C0nfused

markbsac said:

Newly_retired said:

He did mention it in his show on  savings last week.

i never heard him say anything about if you earn below 17570 you wont pay tax on any interest on the first  £5000, only that you dont pay tax on the first £1000 of interst

That would probably be because what you have said simply isn't true.

Barkin

markbsac said:

Dazed_and_C0nfused said:

markbsac said:

Newly_retired said:

He did mention it in his show on  savings last week.

i never heard him say anything about if you earn below 17570 you wont pay tax on any interest on the first  £5000, only that you dont pay tax on the first £1000 of interst

That would probably be because what you have said simply isn't true.

it is the case my opening post is from the .gov.uk web site why do you say its not the case i suggest you do a google search on gov.uk web site.here is the link Tax on savings interest: How much tax you pay - GOV.UK

You should maybe read the whole of that linked document, and the examples, and note that it says:

---x---
You may also get up to £5,000 of interest and not have to pay tax on it. This is your starting rate for savings.
---x---

If you earn £17569 the starting rate for savings (0% tax) would be reduced from £5000 to £1

SloughSally

So if state pension goes over £12570, your starting rate for savings will go down?

Dazed_and_C0nfused

SloughSally said:

So if state pension goes over £12570, your starting rate for savings will go down?

Yes.  For each £1 it goes over you lose £1 of the savings starter rate band.

TBC15

Dazed_and_C0nfused said:

SloughSally said:

So if state pension goes over £12570, your starting rate for savings will go down?

Yes.  For each £1 it goes over you lose £1 of the savings starter rate band.

What effect does Marriage allowance have for both parties? And does income from selling Unit trusts have an effect?