We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Savings interest

Options
gryffin
gryffin Posts: 22 Forumite
edited 26 July 2011 at 8:06PM in Cutting tax
Hi

Does tax free allowance count towards savings interest?

Thanks

Comments

  • System
    System Posts: 178,331 Community Admin
    10,000 Posts Photogenic Name Dropper
    Yes. Complete form R40 at the end of the tax year that the tax was deducted from the interest - hmrc.gov.uk/forms/r40.pdf
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • p00hsticks
    p00hsticks Posts: 14,400 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Also, going forward, if your total income for the year (including any taxable benefits, savings interest and share dividends) is not going to exceed your tax allowance, you can fill in a R85 form to give to each bank / buildding society you have accounts with so that they won't deduct the tax in the first place.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.6K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.