10p Savings Tax Rate

amiehall

Due to the fact that I no longer work full time and the increase in personal allowance, my earnings for next tax year are going to end up being very close to my personal allowance although I do anticipate a small tax bill for the year.

I have a vague memory of there being a different rate of tax payable on income that was from savings interest if it was under a certain allowance. I'm struggling to find specific information on HMRC website where it sets out the actual allowances and was wondering if anyone could help me.

Thanks

Randvegeta

As a non-tax payer, you can get 100% relief.

If you are earning barely over the threshold, you can probably get it down to 10%.

http://www.hmrc.gov.uk/taxon/bank.htm#2

Mikeyorks

amiehall wrote: »

I'm struggling to find specific information on HMRC website where it sets out the actual allowances and was wondering if anyone could help me.

Thanks

Bottom chart on this page :

http://www.hmrc.gov.uk/rates/it.htm

amiehall

Thanking you So I should just continue as normal, tot up the amounts at year end and fill out an R40. Cheers.

Mikeyorks

amiehall wrote: »

Thanking you So I should just continue as normal, tot up the amounts at year end and fill out an R40. Cheers.

If your taxable income (inc gross interest) exceeds your personal allowance ...... then I'm afraid that's the only choice. If it's below - then file an R85 on all the interest paying accounts

xylophone

http://www.hmrc.gov.uk/tdsi/ten-per-cent-guidance.htm
The tax bands used in examples are out of date so see
http://www.hmrc.gov.uk/rates/it.htm