Starting Rate Band

An individual may be able to get up to £5,000 of tax free interest if they are eligible for the starting rate band. You are not entitled to the Starting Rate Band if your non savings and non dividend income exceeds £17,570. An individuals Starting Rate Band is reduced by £1 for every £1 earned above the personal allowance. If an individual can use their personal savings allowance for any interest received which is not covered by their starting rate band. Any interest received above the starting rate band and personal savings allowance will be taxed at their marginal rate.

If you would like more information on the starting rate band or the starting rate band, please do not hesitate to contact Danny Hockin on 023 8202 7481 or email Danny Hockin.