Pensioners and Income Tax

Tuesday_Tenor

Taurus

Could you clarify what new rules you are talking of?

I wonder if you're referring to the fact that tax will have been taken off the interest by the building societies etc. at the normal rate rate of 20% However, the first X,000 income over the threshold should be taxed at 10% if this is interest from savings. Hence a refund would be due.

This doesn't just apply to silver savers or pensioners though.

Magenta

Taurus1949 wrote: »

My father is 93 and is not registered as a non-tax payer because of savings, and therefore pays tax on any interest earned. I have just managed to reclaim 6 years worth of tax back amounting to £2500 due to new rules for Silver Savers. Its definitely worth looking into.:j

What are the new rules please?

djohn2002uk

Please Taurus enlighten us.

Biggles

Magenta wrote: »

What are the new rules please?

There are no 'new rules', you have always been able to send a Form R40 for each of the past six years if you have been paying tax on interest, I did this for my mother four years ago.

jem16

Biggles wrote: »

There are no 'new rules', you have always been able to send a Form R40 for each of the past six years if you have been paying tax on interest, I did this for my mother four years ago.

Correct.

There are no new rules for Silver Savers. The only thing that has changed recently is the entitlement to the 10% rate for savings income and that is for everyone, not just Silver Savers as has already been said.