UK Tax on interest calculator

You can use this simple calculator to calculate how much tax you are required to pay on interest earnt given your salary.

£
£

Calculated Tax

Your calculated tax due on the interest earnt will be shown below.

Gross Salary
Personal Savings Allowance
Total tax

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Explained

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.

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