Simon Jenkins
Joined: 10/10/2023
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Tax rates on savings interest
I’m resident in Scotland and I will be earning enough interest on my savings this year to have to pay income tax on it. It would appear that savings interest is taxed on UK rates and bands as opposed to Scottish rates and bands. If my savings interest is added to my pension income it would place me in the Scottish higher rate but not the UK higher rate. What rate do I pay income tax on that interest, and what personal savings allowance do I receive?