Nancy Andrew

Many thanks indeed for your help

Many thanks indeed for your help.

Many thanks for your reply. I’d been told that my savings are seen as ‘income’ so both my salary and savings would be pooled, putting me in the higher tax band >50k. It looks like this is not the case though? And it’s only the interest from the savings that’s ‘income’.. is that correct? Really appreciate your help, thank you.

I sold my house last year and have £75k in a 3% savings account. As I’m employed on £32,000 a year am I only entitled to £500 in interest before I pay tax on my savings? Im unsure whether my wages pushes my savings into the higher tax category? Can anyone help please?? Many thanks