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Posted Mon, 04 Nov 2024 20:51:49 GMT by Draven94
Hi, I'm a basic rate UK tax payer in full time employment. I have never generated any interest on savings so have just opened a savings account. My question is am I allowed to receive the full personal savings allowance (£1000) in interest between now and 5th April 2025 without paying tax? Or am I only allowed to receive about 40% of this without paying tax due to the fact we're about 60% through the tax year?
Posted Fri, 08 Nov 2024 12:46:57 GMT by HMRC Admin 34 Response
Hi,
No, you will received the full £1000 savings allowance for the current 2024/25 tax year:
Tax on savings interest
Thank you

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