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do you have to pay tax if youre not working at all but your interest is over £1000? I'm a full

Posted Tue, 21 Nov 2023 14:48:48 GMT by
Do you have to pay tax if youre not working at all but your interest is over £1000? I'm a full time student and have never worked at all. thanks
HMRC Admin 32 Response
Posted Mon, 27 Nov 2023 15:04:27 GMT by HMRC Admin 32 Response
Hi,

If your untaxed interest exceeds the Personal Savings Allowance of £1000, then your unused tax-free personal allowances will be be applied against the remaining untaxed interest. If this amount of untaxed interest exceed the remainder of your tax free personal allowances, it will be subject to the 20% Basic Rate of Income Tax.

Thank you.

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