Maximum Savings Interest before paying tax

On the gov.uk web site it says for Tax on Savings Interest: Most people can earn some interest from their savings without paying tax. Your allowances for earning interest before you have to pay tax on it include: your Personal Allowance starting rate for savings Personal Savings Allowance You get these allowances each tax year. How much you get depends on your other income. My question is for the 2022/23 tax year if a person only has say for example £400 of other income how much savings interest can they have before paying tax on it? Is it £12570 personal allowance less £400 other income leaving £12170 plus the starting rate for savings £5000 plus the Personal Savings Allowance of £1000 making a total of £18170?

Hi,

You are given a personal savings allowance of £1000 that is for any tax free amount. Your personal allowances can then be used to cover any amount over this.

If this is your main income, you will also qualify for the savings rate of £5000 so technically based on all this, you could have £18170 as stated, this is taking away the £400 for other income.

Thank you.

Hi, I would like to ask how to define “main income”? I retired and mainly lives on my own savings. I work as part time 2 days per week and the annual income may be about £5000. Am I qualify to have the £5000 starting rate of savings? My husband has retired and does not have pension. He only receives bank interests from bank. So he is qualify to have personal allowance, starting rate for savings and personal saving allowance total up to £18570? Thank you very much.

Hi,

You would both qualify for the starting rate of savings.

Thank you.