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Personal Savings Interest

Rich Simp
Posted Thu, 31 Aug 2023 20:53:28 GMT by Rich Simp
Hi There, I just wanted to ask what the total savings interest is before tax if you are not currently receiving any other income. On the Gov.UK website and other sources it clearly states you can use your personal allowance of £12,570 for savings interest if it is not used against other income such as wages or pension and a further £1,000 Personal Savers Allowance and £5,000 Starting Savings Allowance. So combined this would be £18,570 per individual for each financial year. Can you please confirm this is correct. Many Thanks
HMRC Admin 10 Response
Posted Tue, 05 Sep 2023 13:42:32 GMT by HMRC Admin 10 Response
Hi
You are correct.
It would be the Personal Allowance then the Starting rate and then the Personal Savings Allowance.

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