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Hi.Can you tell me what form this savings income will be please, eg bank interest with 20% tax deducted at source, UK dividends, foreign dividends, a life policy gain etc. What was your wife's date of birth?
Hi again.Your wife will be entitled to a personal allowance in 2015/16 of £10,600 which will leave £7,400 of her income subject to income tax.The first £5,000 will be taxed at 0% (£0.00) and the balance of £2,400 will be taxed at 20% (£480.00). The total tax liability will be £480.00. Take a look here for information on tax bands and allowances.I hope this helps but let me know if you have any further questions.