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Tax rebate... Why ???
nicter
Posts: 308 Forumite
in Cutting tax
Hi
My partner "retired" at 50 and currently lives from interest on his investments. Most are offshore so he is well under the uk tax allowance. Last year when he submitted self assesment form he got a tax rebate of £72.00 and having filled in this years its estimated he will get approx £250.00 rebate. How can this be when he hasnt paid any tax for the past 5 years ?
My partner "retired" at 50 and currently lives from interest on his investments. Most are offshore so he is well under the uk tax allowance. Last year when he submitted self assesment form he got a tax rebate of £72.00 and having filled in this years its estimated he will get approx £250.00 rebate. How can this be when he hasnt paid any tax for the past 5 years ?
0
Comments
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Presumably some of his interest has tax deducted at source (at 20%) ..... and his income only takes him just above his personal allowance and into the 10% rate which solely applies to savings interest?
The SA computation will show it fairly clearly?If you want to test the depth of the water .........don't use both feet !0 -
Thanks Mike. That makes sense :beer:0
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