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Posted Tue, 05 Dec 2023 09:17:49 GMT by peterm22
If you have no salary but get £17,000 per year in dividends and £18,570 in savings income. Would you pay no tax on your savings? £12570 personal allowance, £5,000 starter savings rate, £1,000 personal savings allowance. Is this correct, no tax on savings in this scenario? If this is not correct, how much tax on the £18570 on savings would be due? Thanks Peter
Posted Thu, 07 Dec 2023 09:50:00 GMT by HMRC Admin 20
Hi peterm22,
please refer to guidance at Tax on savings interest
Thank you.
Posted Thu, 07 Dec 2023 09:54:13 GMT by peterm22
I saw this page previously, but felt it was ambiguous. For the avoidance of doubt, please could you answer the question.
Posted Fri, 08 Dec 2023 16:46:22 GMT by HMRC Admin 25
Hi peterm22,
No tax would be due on the interest savings but you would be liable on the dividends. also with this level of investment income you would need to complete a tax return.
Thank you, 

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