Tax on savings income

Sorry, but this content is only available to registered users. Please either login or register.

Savings income, which includes all types of interest, is paid gross without deduction of income tax. The personal savings allowance provides a nil-rate of tax on the first £1,000 of savings income for basic-rate taxpayers and £500 for higher rate taxpayers, with none available to additional rate taxpayers. If your only taxable income arises from savings income, or your other income is very small the amount liable to 0% tax may be as high as £5,000.

Alan Red
Bristol
Director