Fred
Joined: 12/18/2024
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Tax on savings interest only
My only income for the 2024-25 tax year will be savings interest of about £21000 (no wages, pensions or other non-savings income).
Will I get the £5000 starting rate for savings?
Will I also get the £1000 personal savings allowance?
As I am a basic rate tax payer would I pay 20% tax on the savings interest over £18570 only? Ie. 20% on £2430