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Posted Sat, 10 Dec 2022 20:11:10 GMT by Mel2305 G
I am a house wife and resident in UK since the last few years. I have foreign savings interest and foreign rental income. I am not sure how much savings interest I can have and when I need to do a self assessment. I have read the HMRC tax calculation example but I still can’t understand my allowance on my savings interest and rental income. I would like to know if it’s 12570+1000+5000. Please advice. Thank you.
Posted Tue, 13 Dec 2022 11:00:37 GMT by HMRC Admin 32

As you have foreign rental income, a Self Assessment return is required.

Tax on foreign income

Thank you.
Posted Tue, 13 Dec 2022 14:26:02 GMT by Mel2305 G
I do not have any documents required for a UTR number but I will call HMRC again. Also, I am within my taxable allowance so do I just need to fill the foreign pages on the Self assessment and submit without any amount for tax liability. Your help will be appreciated. Thank you in advance.
Posted Tue, 13 Dec 2022 14:36:22 GMT by Mel2305 G
I didn’t get a reply to my first question on my interest on savings. As I am house wife how much of interest on savings is tax free ? Your reply will be appreciated. Thank you.
Posted Thu, 15 Dec 2022 10:58:56 GMT by HMRC Admin 2

Yes, that is correct.

Thank you.
Posted Thu, 15 Dec 2022 11:01:39 GMT by HMRC Admin 2

If you are a non taxpayer, you can receive up to £5000.00 interest tax free. If you are a basic rate taxpayer, you can receive £1000.00 tax free and if you are a higher rate taxpayer, you can receive £500.00 tax free. 

Tax on savings interest

Thank you.
Posted Fri, 16 Dec 2022 15:37:44 GMT by Gary Coombs
HMRC Admin 2, I find your explanation a little, let's say, confusing. A person who you describe as a non-taxpayer is, presumably, a person whose total income is below their allowances, meaning that no tax is payable. Such a person can receive more than £5,000 interest before they have any tax to pay - surely, they can earn £12,570 (personal allowance), plus £1,000 (Personal Savings Allowance), plus £5,000 Starting Rate for Savings? So a person whose only taxable income is interest, could earn £18,570 interest before any tax falls due, or am I missing something? As Mel2305 G has foreign rental income, some or all of their personal allowance would be used too but your answer doesn't make that clear.
Posted Mon, 19 Dec 2022 15:14:39 GMT by HMRC Admin 17

If they did not have any 'non-savings' income then you are correct.

Thank you. 

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