Interest On Savings

[Dottydee]

Hope someone can advise me. I do not work and my only income is carers allowance of £76 weekly. I will earn £37 more interest than the £1000 allowed. Do I have to inform HMRC or will they inform me as I'm not PAYE or self employed 

[barry1010]

No, the bank will tell  HMRC but you will not be liable for tax as your income is far below your personal allowance 

[barry1010]

"If you’re not employed, do not get a pension or do not complete Self Assessment, your bank or building society will tell HMRC how much interest you received at the end of the year. HMRC will tell you if you need to pay tax and how to pay it."

https://www.gov.uk/apply-tax-free-interest-on-savings

[Hopkirk]

Have you put the maximum you can into an ISA?

[Dottydee]

Thank you all my  ISA is sorted ,I just mis calculated my interest...

[barry1010]

An ISA is only of value to you if it is paying as much interest as the best savings account available to you as you are still a long way from paying tax on interest.