jon358
Joined: 11/23/2023
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Tax on interest earned
Am I correct in thinking that if I have a total pension income of £10,000, I am able to receive £2570 ( remains of my personal allowance) plus £5000 (starter rate) plus £1,000 (personal interest tax relief) of tax relief on saving interest paid, a total of £8570. I have been confused by the statement in your website stating a maximum of £5000 tax relief is allowed on interest payments. I would be grateful for a response, thus allowing me to plan for next year, thank you. -
Tax on savings interest
I have a pension of £8000 a year and savings interest. How much interest can I earn before paying tax?