83 yr old - tax on savings?? help!

Onawingandaprayer

In the current tax year, she can earn £10,090 pa before she has to pay any tax.

Form R85 may be useful for the non-isa accounts.

http://www.hmrc.gov.uk/forms/r85.pdf

alanq

Onawingandaprayer wrote: »

In the current tax year, she can earn £10,090 pa before she has to pay any tax.

£12,070. The OP states that Gran is registered blind.

Therese1

Thanks everyone for your help and advice here. I am going over tonight so will hopefully be able to work out her income - and see if any if her benefits are means tested.

Will report back when I know more and see what you think.

atush

What a wonderful grandaughter you are!

Mine ended up not being able to see very well, and her formerly spotless place was always dirty. But she wouldn't allow us to clean it, so I would sneak around and clean the bath and sink and toilet etc while my Mom kept her distracted lol. She caught me once and gave me an earful ;-)

Therese1

OK, heres part of the story! I couldn't quite get her to let me see the paperwork - fair enough!

She has a total income of £177 per week - made up of the basic pension, a pension credit (whatever that is?) and the disability allowance.

Are any of these means tested? Would her savings affect any of these or vice versa?

thanks for all your help : )

Onawingandaprayer

If her TOTAL income is £177 pw, I don't reckon she should be paying tax on the interest she receives from her savings...

So, for example, her two year bond provider needs form r85 sent to them.

as per my earlier post.

atush

I am not sure about the pension credit-it might be affected?

I would ask on the benefits forum?

xylophone

http://www.adviceguide.org.uk/index/your_money/benefits_index_page_ew/benefits_for_people_over_sixty.htm#pension_credit
http://www.pensionsadvisoryservice.org.uk/state-pensions/pension-credit
http://www.ageuk.org.uk/Documents/EN-GB/Factsheets/FS53Capital_income_and_means_tested_benefits_fcs.pdf.pdf?dtrk=true
http://www.ageuk.org.uk/Global/Age-Cymru/Factsheets%20and%20information%20guides/FS12%20Planning_for_retirement_fcs.pdf

might be worth a read.