over 80's Tax

hanbut

Hello my Mother (87) took out an (i believe) an ISA this was a savings plan for the Grand Children and has now cashed it in and shared it out. In the paperwork it states Tax paid £1200 ish. Can anyone tell me if she is liable for tax? I do not have all the details of the plan here at the moment but some help would be
appreciated, Hanbut

Biggles

If she's paid tax, it was not an ISA.

Whether or not she's liable for tax on non-ISA income depends entirely on her other earnings.

sleepless_saver

She can have £9640 income from all sources before having to pay any tax. This assumes she got the interest either this financial year or last financial year as the amounts change most years.

If she's paid tax when she shouldn't have done, she can reclaim it - using form R40 .

If her income is always going to be too low to pay tax, she can fill in an R85 form when she opens a savings account in the future. This should stop tax being deducted, rather than her having to reclaim afterwards.

dunstonh

In the paperwork it states Tax paid £1200 ish.

Does it say what tax was paid? income tax, chargeable gain certificate or words to that effect?

hanbut

Thank you I will be going back home in a week or two and will get all the details and maybe asking for help again but thank you for the details you have given.