PhD student: do I get taxed on savings?

fabuleuse_2

I'm a PhD student with an EPSRC scholarship of ~£12,300 p.a., which I don't pay tax on. I also earn about £500 p.a. as a teaching assistant at university and I'm not taxed on this either, presumably because my scholarship is counted as a grant and not income. I have been paying tax on the interest in my savings account though - is this correct?

CLAPTON

if your total income, i.e. interest and any earned income but excluding your EPSRC scholarship is less than your personal tax allowance 5225 (2007-8) or 5035 (2006-7) then you dont need to pay any tax.

if your savings have already had tax deducted you will need to contact your tax office.
You will need to fill a R85 for each of your savings accounts to receive interest gross (obtainable at your savings provider)

s0198362

just fill in this form, and send it off to all your banks

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

Murdina

use a form R40 to reclaim any tax paid to date as well as registering gross for the future. You can download it from HMRC website http://www.hmrc.gov.uk/forms/r40.pdf

fabuleuse_2

Thanks for the info!