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Posted Wed, 07 Aug 2024 16:24:28 GMT by csl77
Hi HMRC, I am writing to enquire about the interest arose from my renting deposit. As I recently received interest together with my tenancy deposit protection money from the Deposit Protection Service when I finished a tenancy. I am wondering if the interest £14.00 arose from the deposit is a taxable income to me and required to be declared to HMRC. Please advise. Thank you in advance. Kind regards, csl77
Posted Thu, 29 Aug 2024 09:20:01 GMT by HMRC Admin 20 Response
Hi,
The interest is potentially taxable, but your Personal Savings Allowance means you can receive up to £1000 of interest and not have to pay tax on it.
A detailed overview of the subject is provided at:    Tax on savings interest Personal Savings Allowance
Thank you.

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