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tax exemption
cagneyfan
Posts: 378 Forumite
Can anyone advise please. I'm unemployed due to ill health. I receive a War Pension of £383.00 a month and Incapacity benefit of £408.00 a month. I have £50,000 in savings and investments. Am I entitled to fill in a tax exemption form(R85?) or do I have too much savings and/or too much annual benefit to qualify. I simply cannot understand any type of financial jargon and would appreciate any response please
0
Comments
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Do you pay any tax?
I believe a War pension is tax free.
Incapacity benefit is tax-free if received before 1995 but taxable otherwise. If taxable that would come to £4896.
However you also have to add gross income from savings and dividends so that might take you into having to pay tax.0
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