Interest on savings whilst on IB and CTC/WTC

manhattan

Hi,
A quick question regarding gross interest on savings whilst claiming IB.

At the minute i receive the higher long rate of IB due to an injury from my last job and my tax code is 544L.

Should IB and CTC/WTC be counted as my taxable income?


Thanks.

stazi

IB Short Term Higher from week 29, and IB Long Term from week 53 are taxable. Only IB Short Term Lower for the first 28 weeks is non taxable.

manhattan

Sorry,
I also forgot to mention that i am a part-time student if that makes any difference.

manhattan

Thanks Stazi,
My Yearly IB payment comes to just under the amount of my tax code, but with the yearly savings interest added it comes to just over the tax code amount.

bryanb

Tax is due on the amount above your tax code, therefore you should not complete form R85. You should reclaim the excess tax paid from HMRC

Icequeen1

Long term IB for those who have been on it since before 1995 is also non-taxable in addition to the other types posted above.

IQ