Kate G
Joined: 4/21/2024
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Savings Interest Reducing Personal Allowance
I haven't earned enough to pay tax for years. I've just started getting a couple of smallish pensions and my estimated income for this year according to HMRC website is around £7000. However my personal allowance has been reduced by the amount of interest I earned last year (£761). I thought one could earn interest up to £6000 (personal Savings Allowance plus Starting Savings Rate) ON TOP OF the personal allowance of £12570? Online it says my tax free amount for the year is now only £11809. Confused.....