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HMRC Tax Code and untaxed interest
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It's just reflecting the fact that savings interest will use any spare headroom within your personal allowance before the savings-specific allowances are applied, so if your projected PAYE income is below your personal allowance, the coding is set up to recognise that.
If you have no PAYE income then, as above, it's all irrelevant, as no tax will be deducted via PAYE coding.
If you do have PAYE income, make sure that HMRC have a realistic estimate of how much it is, so that appropriate coding can be applied.
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