Is my savings income taxable?

Income from savings is classed as taxable income, interest from UK banks and building societies is paid without tax deduction in most cases.  Some people may still need to pay tax on their savings income where it isn't covered by the Starting rate for savings (£5,000 @ 0%, 2025/26) or the Personal Savings Allowance (£1,000, 2025/26).

If this is the case for you and you do not file a self-assessment return, HMRC should issue a Notice of Coding for the next tax year which recovers the unpaid tax. If HMRC do not issue a notification by 31^st March, you should contact them to avoid a penalty.