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Posted 4 months ago 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 4 months ago 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 4 months ago by InForaPennyinForaPound
Thank you.

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