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Posted Thu, 25 Jul 2024 14:19:21 GMT by Charles Charles
Re the use of the Starter Rate for Savings, I'm not sure what counts as 'income from pension' - is this only 'taxable' pension income?... I have no employment income and no pensions currently paying out - can I do the following without being liable for savings interest... I have a £60,000 DC pension pot. I'd like to draw £15,000 (the tax-free part) then another £11,670 (taxable). I will also have £6,900 savings interest. I think this means that the £15,000 is ignored for the purposes of these calculations and the £11,670 plus the £6,900 i.e. £18,570 is covered by ... £12570 personal allowance, £5000 starter rate for savings and £1000 personal tax allowance, meaning no tax is due - is my interpretation correct? Many thanks!
Posted Fri, 26 Jul 2024 08:35:02 GMT by HMRC Admin 25 Response
Hi Charles Charles,
We are unable to offer financial planning advice, you would need to contact a finance advisor for this information.
You can use the online service to check your income tax for the year based on the figures you have provided.
Check your Income Tax for the current year
Thank you. 

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