Where to put 475k?

bobcurtis

nicko33 wrote: »

If your only income is from interest on savings, then you can benefit from the 10% starting rate, so you should make sure you have enough in your name to utilise this.
Your husband probably cannot benefit from this if he has other income.

So each year you yourself can have income of
£6475 tax-free
£2440 at 10%
£35160 at 20%
the rest at 40%

whereas your husband probably gets
£6475 tax-free
£37400 at 20%
the rest at 40%

I thought the 10% had gone now, or does it still apply to savings interest. It has definitely gone from work earnings.

jem16

bobcurtis wrote: »

I thought the 10% had gone now, or does it still apply to savings interest. It has definitely gone from work earnings.

It still applies to savings interest where work earnings is £8705 or less.