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Bank Savings interest

Posted Sun, 17 Sep 2023 20:44:50 GMT by
If I have £0 salary, £16570 savings interest, £2000 dividend interest, total income is £18570 . What will be the tax and how to calculate? Is it £18570 - £12570 personal allowance - £5000 starting rate of savings - £ 1000 personal savings allowance =£0. However maximum dividend allowance is £1000 GBP. Do I need to be taxed £2000-£1000 dividend allowance = £1000 , then£ 1000 x 7.5% = £75 ? Would you please advice. Thanks you.
HMRC Admin 25
Posted Wed, 27 Sep 2023 10:25:26 GMT by HMRC Admin 25
Hi Agilio1018,
If you are calculating this for the 23/24 tax year you are correct about the figure you would be taxed on.
However, the rate is 8.75%
Tax on dividends
Thank you. 

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