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Interest Tax and Tax Band

mcpan hong
Posted Wed, 18 Jan 2023 20:08:43 GMT by mcpan hong
Hi there, If I have an annual income of 60,000GBP and gained annual saving interests of 1,500GBP, could you kindly advise if I should pay interest tax as the following: a) I belong to higher tax band, so my interest allowance is 500GBP, then I have to pay interest tax of the remaining 1,000GBP b) then I need to pay interest tax= 1,000GBP x 40%?
HMRC Admin 32
Posted Mon, 23 Jan 2023 13:59:35 GMT by HMRC Admin 32
Hi,

That is correct.

Thank you.

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