Skip to main content

This is a new service – your feedback will help us to improve it.

Posted 23 days ago by Bayleaf
If my income falls somewhere between £12K and £17K per annum, but my income from savings exceeds the automatic lower rate tax entitlement of £1,000 per annum, will my self assessment tax calculation automatically give me the additional Lower Income Savings Allowance that I understand I'm entitled to?
Posted 21 days ago by maxb
It sounds like you are referring to the "starting rate for savings". That in particular isn't something I've received, but allowances of this type are automatically implemented in the online self assessment calculation and don't require you to do anything to claim them, beyond filling in your income data. There is an option to view your full calculation before submitting a return online, which should let you confirm that it really has been included.
Posted 21 days ago by HMRC Admin 25 Response
Hi Bayleaf,
If your other income is lower than £17,570, and your Savings Interest exceeds the Personal Savings Allowance of £1,000, you will receive the Starting Rate for Savingsa allowance of £5,000.
This should be applied automatically on your Self Assessment calculation.
Tax on savings interest
Thank you. 

 

You must be signed in to post in this forum.