No interest on first £1000 saved

castle96

If your earned income + interest income is less than £15600 you don't have to pay tax on your interest this tax year full stop so you can register an R85 to claim gross interest now."

thanks, but still confuse.

the R85s I have been sent (by some Banks - others have just registered me with no forms), state £10,000 (born after 1948) for 2014/15.
Is it just that these forms are out of date and should now read £15600 ?

sorry, just found this - seems banks are sending out old help sheets

Date of birth Personal allowance % savings band Annual amount
On or after 6 April 1938 £10,600 £5,000 £15,600

Before 6 April 1938 £10,660 £5,000 £15,660

Archi_Bald

use this HMRC calculator: http://www.hmrc.gov.uk/tools/r85/r85-2015.htm

Or if you prefer a help sheet: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/368535/r85-helpsheet.pdf

brianh

As I understand, "no interest on first £1000 savings" was not in the Finance Bill connected with the last budget so this remains a Tory aspiration at the moment so better not count those chickens yet!

bigfreddiel

brianh wrote: »

As I understand, "no interest on first £1000 savings" was not in the Finance Bill connected with the last budget so this remains a Tory aspiration at the moment so better not count those chickens yet!

Absolutely true, I got shot down in flames when I pointed this out on another thread, but yes, it may never happen

Cheers fj