You can use this simple calculator to calculate how much tax you are required to pay on interest earnt given your salary.
Your calculated tax due on the interest earnt will be shown below.
Gross Salary | |
Personal Savings Allowance | |
Total tax |
The current allowance rates, from HMRC . Assuming you earn over £17,500 a year your tax free savings allowance is given below, any savings earnt above this allowance (outside of ISAs) is taxed as income tax.
Income tax band | Savings allowance |
---|---|
Basic Rate | £1,000 |
Higher Rate | £500 |
Additional Rate | £0 |
When calculating your tax your savings income is added to your salary. The savings allowance is then applied to tax component from the savings income.