Purchased life annuities are financial products purchased with a capital sum. They are designed to provide a guaranteed annual sum – normally for life, but it could be for a shorter term. 

If you rent out property, then you will usually have to report this to HMRC and pay tax on it. Here we explain how you can do this – which might vary depending on your level of rental income and your wider situation.

If you get paid interest on your savings, you need to understand whether you need to pay tax on it. On this page, we explain how interest is taxed and how that tax is then collected by HMRC.

The starting rate for savings is a 0% rate of tax which can apply for up to £5,000 of savings income. It only applies if your non-savings and non-dividend income is below a certain threshold.

The personal savings allowance is a nil-rate band of tax which applies to taxable savings income. It is £1,000 for most basic-rate taxpayers. The savings income that falls within the personal savings allowance is taxed at 0%.

Individual savings accounts (also known as ISAs) are a form of savings that have tax advantages. Income tax and capital gains tax can be saved if you invest in ISAs, but they are still counted in your estate for inheritance tax purposes.