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Savings interest
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gryffin
Posts: 22 Forumite
Hi
Does tax free allowance count towards savings interest?
Thanks
Does tax free allowance count towards savings interest?
Thanks
0
Comments
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Yes. Complete form R40 at the end of the tax year that the tax was deducted from the interest - hmrc.gov.uk/forms/r40.pdfThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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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.0
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