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Is my savings income taxable?

Income from savings is classed as taxable income, but from 6 April 2016  banks and building societies  no longer take tax before paying it to you and the R85 was discontinued.  However, some people may still need to pay tax on their savings income where it isn't covered by the Starting rate for savings (£5,000 @ 0%, 2018/19) or the Personal Savings Allowance (£1,000, 2018/19).

If this is the case for you, contact HMRC to arrange for the tax to be paid.

It is all explained in the FAQ 'Can you explain the 'Starting Rate for Saving's and the 'Personal Savings Allowance'?'

 

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