Tax on interest from savings

Hi I am unemployed and my sole sources of income are interests from savings and dividends from stocks. I understand that in this scenario up to £18570 of interest from savings could be earned tax-free. I would like to ask how would the interest over the £18570 be taxed? For example, if a total of £30000 of interest from savings was earned, what would the tax calculation look like? Thank you very much for your help.

Hi ktym,
The balance would be taxed at 20%
Thank you.
 

Thank you for your reply. I would just like to confirm that in my scenario described above, if £30000 of interest from savings was earned in a tax year, £30000- £18570 ie £11250 would be taxed at 20% ? Thank you very much again for your help.

Hi,

It would depend if there was any other income to take into account, but if only the £30,000, then you will receive the £1000 savings allowance, with the balance taxed at 20%. 

Thank you.