Sat B
Joined: 4/27/2024
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Tax On Savings Interest
Hi. I'm a full time carer (of a family member) and I receive Carers Allowance (CA). I am not employed, I have no other income whatsoever apart from building society interest. I've read that there is something called Savinigs Allowance of £5,000? What does this mean? Can you please tell me what is the current maximum interest that I can have (per year) before having to pay tax? If I have interest above this maximum, do I have to manually pay tax or will that be taken through the tax code. There used to be a TV advert saying "making tax simple" but I think the majority will agree that tax has never been simple...nor is it simple now. Thanks for any help.