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Posted Wed, 23 Oct 2024 14:19:03 GMT by forum92312
If an individual has employment income of £11,000, interest of £1,200 and dividends of £500. Their total income is £12,700 so exceeding the personal allowance. However they are not liable to income tax due to the availability of the start rate and dividend allowance. In this scenario, are they still eligible to transfer 10% of their personal allowance to their spouse?
Posted Wed, 30 Oct 2024 10:48:42 GMT by HMRC Admin 18 Response
Hi,

Yes - your interest and dividends will first be covered by the personal savings allowance of £1000, starting rate for savings of £5000, and dividends allowance of £2000.

Tax on savings interest

Thank you.

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