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Savings Income

I have a modest income consisting of the state pension, a private pension and some bank interest. I think I heard there were some changes announced that might affect me. Can you tell me more about them please? 

The government announced at Budget 2014 that from April 2015, it would replace the 10% ‘starting-rate’ of tax for savings income with a new 0% rate.

Furthermore, the amount of savings income that the new 0% rate applies to is increased from £2,880 to £5,000.

This means that if your total income (things like wages, pension, benefits and savings income) is less than £15,600, you will be eligible to register with your bank or building society to receive some or all of your savings income tax-free. 

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