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Postgraduate Saving Advice
mrpotatomoto
Posts: 1 Newbie
Do postgraduates have to pay tax on savings?
The typical sources of income for postgraduates come in the form of loans or grants* (for the lucky few). There's also part-time work but I'm assuming earnings accrued from this below the threshold.
I guess the question, then, is do loans or grants count towards earnings? My understanding is that Student Loans doesn't count towards earnings for undergraduate students and so, for the most part, they enjoy tax-free savings. Lucky...
Taxable income is listed here: [http://www.hmrc.gov.uk/tdsi/key-info.htm], yet it is unclear as to what constitutes as earnings.
* i.e. funding in the form of stipends/studentships from research councils.
The typical sources of income for postgraduates come in the form of loans or grants* (for the lucky few). There's also part-time work but I'm assuming earnings accrued from this below the threshold.
I guess the question, then, is do loans or grants count towards earnings? My understanding is that Student Loans doesn't count towards earnings for undergraduate students and so, for the most part, they enjoy tax-free savings. Lucky...
Taxable income is listed here: [http://www.hmrc.gov.uk/tdsi/key-info.htm], yet it is unclear as to what constitutes as earnings.
* i.e. funding in the form of stipends/studentships from research councils.
0
Comments
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Stipends, loans and grants as described in your post are not usually counted as earnings and therefor not taxable..
Income from part time work and interest on savings is taxable if over your personal allowance.0
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