No work income but savings interest question

[The jiffle king]

In discussion yesterday someone suggested that if you had only income from savings that you could "earn" £18570 purely from savings without paying any tax

£12570 - personal income tax allowance
£5000 - starting rate for savings
£1000 - Personal savings allowance

Total £18570

The page I can find on the government web site seems to agree but I wonder if the £1000 personal savings allowance is double dipping?
https://www.gov.uk/apply-tax-free-interest-on-savi...

You'd need a lot of savings to get near this threshold but wondered if this is correct?

[GT4P]

I believe this is correct. Also if under £10k interest from savings only income you don’t have to do a tax return but above you will.

[The jiffle king]

Thanks. I knew about he income tax allowance and the 1k savings but not the 5k

[The Leaper]

You'd need taxable income from savings of something approaching £500,000 before you needed to pay any income tax.

In addition, you could, of course, have ISAs and PBs, the income from which is non taxable, at least for the time being before the Labour government decides that you are within their definition of wealthy, so things may (will?) change.

R.

[Shnozz]

The Leaper said:

You'd need taxable income from savings of something approaching £500,000 before you needed to pay any income tax.
R.

I presume you mean capital and not income?!

[The Leaper]

Shnozz said:

I presume you mean capital and not income?!

Oops, yes, of course. My error.

R.

[ferret50]

Very handy wheeze for handling an inheritance, until you can get the capital into an ISA wrapper.
But bear in mind that ANY PAYE taxed income reduces the £5k allowance £ for £

And is a tax that Labour will be looking at as they have claimed that 'Income Tax' and 'NI' will not be fiddled with.