Savings interest allowance for a house wife

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.

Hi,

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

Tax on foreign income

Thank you.

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.

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.

Hi,

Yes, that is correct.

Thank you.

Hi,

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.

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.

Hi,
 

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