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Posted Wed, 28 Aug 2024 15:38:16 GMT by GS Kilmore
Im an Employee on PAYE and a Basic Rate Tax Payer. I have earned over £3k for the 23/24 Tax year in savings interest and have tax to pay on this. Is this collected by a tax code adjustment next year and do I have to notify HMRC ? Can this be paid through Self Assessment if I wish?
Posted Mon, 09 Sep 2024 07:53:36 GMT by HMRC Admin 21 Response
Hi GS Kilmore,
Your allowances for earning interest before you have to pay tax on it include:
your Personal Allowance
starting rate for savings
Personal Savings Allowance
Please see the guidance at: Tax on savings interest.
for more information. Your options if you exceed your allowances are also covered here.
Thank you.

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