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When is the personal savings allowance reduced to £500?

Posted Fri, 27 Oct 2023 06:28:51 GMT by
I know that the personal savings allowance is reduced to £500 when income is more than the Basic Rate Tax payer threshold. Is this before or after the Property Income Allowance is applied (If income is made up of P60 + Property income)? And is this before or after any Tax Relief is applied?    Thanks
HMRC Admin 20
Posted Thu, 02 Nov 2023 09:40:37 GMT by HMRC Admin 20
Hi 12312323,
With the property income it would be the net profit so this will be minus the property allowance. 
Thank you.

 

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