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If you are certain that all your income - including interest on your savings and any earnings - is covered by your tax allowances, then you can continue to receive your interest without tax being taken off. Your Personal Allowances may change from year to year and your income is also likely to vary. So, you must regularly check that you are still eligible to receive your interest without tax taken off. If your income rises above your Personal Allowances, you must tell your bank or building society that they should start to tax your interest. You must also tell your Tax Office if you think that you should have paid tax on interest you have already received. To check if your income is below the Personal Allowance use the tax checker. |
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