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Posted Mon, 12 Jun 2023 17:53:47 GMT by Pui Yee Lee
Hello, I have no job and salary. I receive only savings income. Can I enjoy savings income of up to £18,750 a year tax-free. £18,750 is made up of the personal allowance £12,570 + saving starting rate bank £5,000 + personal saving allowance of £1,000. Do I need to declare if my total saving interest is within £18,750 ? I married and my partner has no job either. Could I also share his personal allowance £1,257 in maximum. So, total allowance is £19,827.
Posted Thu, 15 Jun 2023 12:40:56 GMT by HMRC Admin 32
Hi,

If you have savings and/or dividends (not capital) of more than £10,000 then yes a tax return is required and the type of allowances you can have is dependant on the type of income you receive. Yes, you can transfer 10% of his allowances if applicable.

Thank you.

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