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When Can I Stop Paying Tax on Interest?
Stephen_C.
Posts: 153 Forumite
If I have just left employment and am no longer an income tax payer, am I able to immediately stop paying tax on savings interest?
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Comments
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No, it depends on your total income for this tax year (from 06 April 2014) onwards. How long do you expect to be out of employment? Any other sources of income?
A Non-taxpayer is someone whose income (employment, pension, interest from savings, dividends etc.) is under £10,000 this tax year (2014/15).Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0 -
No, it depends on your total income for this tax year (from 06 April 2014) onwards. How long do you expect to be out of employment? Any other sources of income?
A Non-taxpayer is someone whose income (employment, pension, interest from savings, dividends etc.) is under £10,000 this tax year (2014/15).
Yes, my income is under £10,000 for this tax year. I will be a student for the next year.0 -
Have a read at:
http://www.hmrc.gov.uk/incometax/tax-free-interest.htm
and
http://www.hmrc.gov.uk/taxon/bank.htmbutterfly )i(0 -
See also http://www.hmrc.gov.uk/taxon/worked-examples.htm (for the current tax year).
And https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293747/Fact_sheet_template_-_10__tax_9.pdf for next tax year.0
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