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Starting Savings Rate for tax on Interest
Is this an annual allowance,
or is it what it sounds like, only available in the first year you start saving?
Comments
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The former.
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Very basic explanation.
Tax code 1257L.
£12,570 tax free earnings
The next £5000 can be tax free interest.
So can the next , PSA £1000
If you earn say £13,570
The £5000 starter savings rate is reduced by £1000.
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0
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It's a 0% tax rate, not an allowance.
And it is available each year, not a one off. Subject to any future rule changes of course.
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