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R85 Question
lilmissmup
Posts: 6,884 Forumite
I am currently on maternity leave until 1st August 2015 but I won't be returning to work and am now on the unpaid 3 months of my maternity leave. Am I now entitled to apply for a r85 form? I am due to get some inheritance in next few months but not sure on the amount yet, minimum of £20k but might be a few thousand over that so do know if that affects me? TIA
Now a SAHM trying to earn some spare pennies each month
0
Comments
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It depends on your income and interest expected for the tax year - see https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293747/Fact_sheet_template_-_10__tax_9.pdf
but for £15,500 read "£15,600".
Calculator below.
http://www.hmrc.gov.uk/tools/r85/r85-2015.htm0 -
Your inheritance does not count as income as far as income tax and the R85 is concerned.
If you bank your inheritance the interest it earns imay be taxable.0
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