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Posted Sun, 31 Dec 2023 15:17:52 GMT by jon358
Am I correct in thinking that if I have a total pension income of £10,000, I am able to receive £2570 ( remains of my personal allowance) plus £5000 (starter rate) plus £1,000 (personal interest tax relief) of tax relief on saving interest paid, a total of £8570. I have been confused by the statement in your website stating a maximum of £5000 tax relief is allowed on interest payments. I would be grateful for a response, thus allowing me to plan for next year, thank you.
Posted Tue, 09 Jan 2024 15:03:03 GMT by HMRC Admin 5
Hi

If your other income is up to £17,570 you would receive the the starter rate for tax on savings of up to £5000.
If you other income is above £17,570 then it would be the £1000 personal savings allowance if a basic rate tax payer. 

Thank you
Posted Thu, 25 Apr 2024 05:42:34 GMT by Je77 Jones
Dear HMRC Admin5, If my income solely comes from interest earned (no pension, no dividend, no capital gain), at what level shall I need to pay tax when interest received exceeding (a) GBP12,570, (b) GBP17,570 or (c) GBP18,570? Thank you. Jones
Posted Wed, 01 May 2024 07:12:22 GMT by HMRC Admin 5
Hi Je77 Jones

For 24/25 it is £18570.

Thank you

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