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income tax
altos
Posts: 7 Forumite
in Cutting tax
I am on incapacity benefit and this is taxable but i do not get enough to pay tas but i have been told that the intrest on my savings if when added to my benefit means I could have to pay tax can anyone help with any information at all
thanks
thanks
0
Comments
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If you take your total taxable incapacity benefit and add it to the total GROSS interest you receive from your savings for the tax year (which runs from 6th April one year to the 5th April the next year), if this amount does not exceed your Personal Tax allowance for the tax year you are not liable to tax. If you have had tax deducted from your savings interest then contact the revenue for a claim for to see if any tax refund is due. Also fill in a form at the bank/ building society to receive your interest gross (without tax being deducted at source).0
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Thank you for that now just got to work on the sums !!0
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