Savings and Tax

[alig31]

Hi all,

I work out of the country but still have some 'ties' to the UK and have an 'NT'' tax code. My question is about savings which I have in UK banks. What is my allowance for interest on savings. Is it £1000 (20% tax payer) or £500 (40% tax payer) or should I not pay tax on the interest on my savings as I have an NT tax code?

Thanks in advance

Ali G

[AGoodman]

UK interest is still subject to income tax so your savings allowance will depend on your UK tax marginal rate. That will depend solely on your other UK source income, not your worldwide income. If you don't have any other UK income, and the interest is below the higher rate threshold, then you'll get the full £1,000.

[alig31]

thank you.