Paul Walker

If an individual's only source of income is non-ISA bank interest of say £35,000 p.a. (i.e. they have no salary/wages, no pension income) will the first £18,570 p.a. of bank interest be tax free (being £12,570 personal allowance plus £1,000 personal savings allowance plus £5,000 starting rate for savings)? Thanks.

Thanks for your reply. Is there a time-limit for making this transfer of newly-acquired SAYE shares into a SIPP pension scheme? Thanks again.

Just following up on the the comment above "However, if the shares are transferred to a pension directly from the SAYE scheme when it ends there are no capital gains tax implications." If the SAYE scheme ends and the options are exercised resulting in the member receiving a paper share certificate and then he/she transfers the shares into a SIPP - does this count as being "transferred directly" to ensure there are no capital gains tax implications and, if it does, how long does the employee have to transfer the shares? Thank you.