Personal Savings Allowance guide

polymaff

Consumerist wrote: »

Agreed. I wasn't suggesting that HMRC would allow that but what it would mean, in effect, if they did allow it.

It is hard enough to know what is allowed. Let's not start speculating on what MIGHT be the outcome of something that isn't allowed.

Consumerist

polymaff wrote: »

It is hard enough to know what is allowed. Let's not start speculating on what MIGHT be the outcome of something that isn't allowed.

It was an attempt (clearly a poor one) to explain why ramaken50 had not been given the full £1,000 PSA.

polymaff

Consumerist wrote: »

It was an attempt (clearly a poor one) to explain why ramaken50 had not been given the full £1,000 PSA.

Like I wrote earlier in the thread "It's important not to confuse entitlement with ability to exploit".

As with the expressions "tax-free" and "taxed at 0%", we are now forced to take far more care to use the correct terminology - in this, the "Age of Tax Simplification" :rotfl:

grey_gym_sock

polymaff wrote: »

As with the expressions "tax-free" and "taxed at 0%", we are now forced to take far more care to use the correct terminology - in this, the "Age of Tax Simplification" :rotfl:

perhaps HMRC's slogan should be:

Tax Simplification doesn't have to make tax simpler!

Doc_N

grey_gym_sock wrote: »

perhaps HMRC's slogan should be:

Tax Simplification doesn't have to make tax simpler!

Don't blame HMRC. It's successive governments that create all the complications. It's also the government that's cut back the staff to such an extent that HMRC has been transformed from a helpful, efficient organisation into something of a disaster area. Much like the roads and the NHS.

polymaff

grey_gym_sock wrote: »

perhaps HMRC's slogan should be:

Tax Simplification doesn't have to make tax simpler!

I suspect that all of that will soon be buried under:

Making Tax Difficult

grey_gym_sock

Doc_N wrote: »

Don't blame HMRC. It's successive governments that create all the complications. It's also the government that's cut back the staff to such an extent that HMRC has been transformed from a helpful, efficient organisation into something of a disaster area. Much like the roads and the NHS.

i certainly don't blame most HMRC staff. i think HMRC's top management shares some of the responsibility, along with the government.

quite right about funding cuts. that started after the merger of the revenue with customs & excise (under blair/brown), but it's getting ridiculous now. IIRC, HMRC are now about to close all their local offices, because the leases are about to run out, after they sold the offices off to companies based in tax havens. if that's not indicative of a tax authority that's lost its sense of purpose, i don't know what is.

colsten

grey_gym_sock wrote: »

.... after they sold the offices off to companies based in tax havens. if that's not indicative of a tax authority that's lost its sense of purpose, i don't know what is.

Do not worry. Hammond & Mayhem have a cunning plan to lure them all back into a new and exciting UK tax haven.

Annlou53

Do you only have to pay tax on the interest? How much can I save in a regular savings account each year...is there a limit? I already know the Isa limit. Thanks

colsten

Annlou53 wrote: »

Do you only have to pay tax on the interest? How much can I save in a regular savings account each year...is there a limit? I already know the Isa limit. Thanks

You can save as much as you like. Tax on interest may or may not be payable - details via the first post of this thread.