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bigduckontax, Accountant
Category: Tax
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The PSA My wife earns £5300 per year How much saving

Customer Question

My wife earns £5300 per year
How much saving interest can she have before paying Tax
Mike Burdett
Submitted: 10 months ago.
Category: Tax
Expert:  bigduckontax replied 10 months ago.

Hello Mike, I am one of the experts on Just Answer and pleased to be able to help you with your question.

For 17/18 the first 5K of interest is tax free. For 18/19 is is 2K. This can be added too in the light of her employment income. For the relevant year deduct 5.3K from the Personal Allowance. Add that to the tax free amounts quoted and that will give the amount of interest she can receive before any tax liability will kick in.

I do hope that you have found my reply of assistance.