David H

For basic rate taxpayers the tax free allowance on savings interest is £1000, however I have read somewhere that for lower earners, the allowance could be £5000. Can anyone confirm that and if correct what are the qualifying factors for the £5k allowance, thanks

I might be in a position to gain some interest on savings which maybe over the £1000 limit for tax free. I understand that the value is based on the year the interest is made which can make it challenging to know exactly what value is notifiable to HMRC in each year. Will HMRC manage that based on returns from the bank/building societies and confirm an amended tax code that ensures I pay the correct tax?