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"Save the change" Taxable Income?

duncan303

duncan303 Posts: 305 Forumite

25 January 2009 at 4:02PM in Cutting tax

Hi all,

Curious for me, are funds recieved as described by lloyds bank save the change scheme classed as taxable income? Or are they winnings (if that is a class)? How would winnings be defined? as tax being paid by the benefactor?

at the moment I am assuming it to be "unearned income from other sources"

any sensible suggestions, anybody

reagrds

duncan

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Comments

theoretica Posts: 12,691 Forumite

25 January 2009 at 4:09PM

These funds are simply savings with money moved over from your normal bank account so tax is only payable on the interest you earn from them.

But a banker, engaged at enormous expense,

Had the whole of their cash in his care.
Lewis Carroll

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duncan303 Posts: 305 Forumite

25 January 2009 at 4:32PM

Hi Thanks for reply,

You are refering to taxing at source, therefore I have posted incorrectly.
As self employed status ALL income from any source is classed. Directors should avoid additional status of self employment.

regards

Duncan

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This discussion has been closed.

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