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Posted Fri, 22 Nov 2024 18:16:15 GMT by InForaPennyinForaPound
Hello there I wonder if you would clarify something (I have checked ALL of the guidance and help pages on HMRC and am none the wiser, hence this post): My wife has no paid employment, no state pension (not for a few years yet) and doesn't claim any benefits. This tax year she has taken a gross income from her private pension of £13,500.00 — which *includes* a tax-free amount of £2,750.00. She doesn't intend to draw any more income from her private pension this tax yer. How much may she earn in interest before having to pay income tax, please?
Posted Tue, 26 Nov 2024 11:25:52 GMT by HMRC Admin 18 Response
Hi,
As the income is below the personal allowance she would be entitled to the starting rate for savings £5000 and the personal savings allowance £1000. See link below:
Tax on savings interest
Thank you.
Posted Tue, 26 Nov 2024 19:06:41 GMT by InForaPennyinForaPound
Thank you.

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