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Legal, pensions and money

Starting savings allowance

(2 Posts)
Oliveoyl Fri 28-Oct-22 11:40:53

I have a wealthy ish friend who needs advise on tax if anyone can help. She receives over £1000 in savings interest so has been paying tax on this however she has been told there is a starting savings allowance of £5k which could cancel any tax she pays, she doesn't work and pays tax on her pension (£15k state and private). Can anyone explain the starting savings allowance?

growstuff Fri 28-Oct-22 11:50:44

www.gov.uk/apply-tax-free-interest-on-savings