Not working & Savings?

lexington013

Hi, i have recently been made redundant and am looking for new employment.
I want to put some money into a 1 year high interest bond. (I have used all my ISA allowance for this year). Can i register for the bond as a non tax payer? I have no other income streams.
Thanks.

longtermplanner

What matters is your income for the tax year. If you get a new job, you will be over the limit surely?

Best not to register as a non tax payer - if you don't get a job then you can always reclaim the tax.

And are you sure that you won't need this money if you have trouble fining a job? Don't lock money away in order to get an extra 1% interest and then find you need it.

innovate

You might well be entitled to tax free interest - check this:
http://search2.hmrc.gov.uk/kb5/hmrc/forms/view.page?record=nCRoVNw8-lk&formId=835

Good luck with finding any high interest bond.

YorkshireBoy

Interest is taxed in the tax year it's paid. Assuming the bond pays interest after a year (does it?), rather than monthly, do you still expect to be a non tax payer at the end of the 2015/16 tax year?...bearing in mind that's nearly two years away!

westy22

I have used all my ISA allowance for this year

You can't have because the additional limits don't come in until July.