Tax on Interest

Lokolo

I read on the Direct.gov website that the interest is taxed on income.
__________________

Who needs to pay tax on income from savings?

Whether you need to pay tax at all depends on how much taxable income you have.
__________________

I assume that as I don't pay income tax because my wages (and the interest) are below the threshold I do not have to pay tax on my interest from the bank?

Am I thinking on the right lines?

Thanks,

RayWolfe

That's right. To get your interest paid gross, you need to complete an R85 form with each savings account. If your income goes over the threshold later, you need to advise the bank, BS etc.

whatatwit

As long as the total of your wages and interest are below the limit, then yes you can register.
You can also claim back any tax overpaid on savings for the last 6 years.
Contact your tax office for repayment claim forms.