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Posted Tue, 22 Aug 2023 10:29:53 GMT by
I would like to ask how to calculate how much interest tax allownace. The HMRC website states that "Every £1 of other income above your Personal Allowance reduces your starting rate for savings by £1." What other income means? I have retired and now my income includes pension, interest and dividend. Therefore, is pension the only other income? Is dividend counted as other income? For 2022-23, I have £4,579.29 pension, £5,270.49 interest, and £3,437.28 dividend (total income £13,287.06). All are gross. How much allowances I have for interest? and also for dividend and pension? Please help as I have had different answers from different help organisations. Many thanks, 

Name removed admin. 
Posted Fri, 25 Aug 2023 15:31:42 GMT by HMRC Admin 25
Hi ytmak2011 Mak,
Dividend income is not included in the calculation as it is taxed after savings income.
You would be entitled to the full starting rate.
Thank you. 
Posted Sat, 26 Aug 2023 08:58:42 GMT by
Many thanks...

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