Personal allowance for Saving Interest Query

For all interests earned from my savings account, outside of ISA, how would the tax be calculated and reported to HMRC? My current salary is £57k, and I do have a pension contribution of £7k, so this makes my taxable income under £50 and I only pay 20% tax. Does it mean I have an allowance of £1,000? If I earned over £1,000 in savings, do I need to file a tax return? Many thanks

Hi,

You would qualify for a Personal Savings Allowance of £100. If you receive more than this you wouldn't need to complete a tax return unless you meet the criteria.

Thank you.

I have now started the Self Assessment and something is not quite as expected. As stated, I have contributed to my private pension to increase my basic rate limt so my taxable income is all under Basic Rate at 20%. How come I have only received £500 tax allowance @ 0%, and £500 @ 40%?? Have I missed some steps

"Hi, You would qualify for a Personal Savings Allowance of £100. If you receive more than this you wouldn't need to complete a tax return unless you meet the criteria. Thank you." Given jacw001 hasn't actually specified how much interest they will receive I don't understand how you can say they would get a £1000 savings nil rate band (aka Personal Savings Allowance)?

Hi jacw001,

If the relief would cover all the higher rate income then this should not happen. You will need to contact our Self Assessment team 72 hours after submitting the return.

Self Assessment: general enquiries

Thank you.