olivia Derricott
Joined: 9/13/2024
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RE: Maximum Savings Interest before I need to pay tax
Hello, I have a salary of 53k which I am taxed on by PAYE. I am receiving a gift which I intend to save and generate interest on to the value of circa 10k. If it is just under 10k, how do I pay tax on the interest? It says HMRC will adjust my code, do I then pay via my payslip adjustments? I am slightly confused on if I will need to complete a self assessment if the amount is just below 10k.