Max interest from three holders

VeryMan

YorkshireBoy wrote: »

I have no idea, sorry. Can you guess why I have no idea?

It depends on my income tax? I thought there would be seperate fixed tax on savings interest

YorkshireBoy

VeryMan wrote: »

It depends on my income tax? I thought there would be seperate fixed tax on savings interest

From this Wednesday, all interest is paid gross. Google 'personal savings allowance'.

Lingua

VeryMan wrote: »

It's £5,990 gross if my calculations are correct, which is decent. How much would be net?

Assuming they aren't higher rate taxpayers, they'd only pay tax on around 3k (of course, it depends on how the accounts are split).

So minus £600, or around £5400?

Ifts

VeryMan wrote: »

It depends on my income tax? I thought there would be separate fixed tax on savings interest

Some info in these links about the new Personal Savings Allowance and the 0% Starting Rate for Savings:

http://www.taxvol.org.uk/about-tax/tax-rates-apply/

http://www.taxvol.org.uk/about-tax/entitled-10-band-savings-interest/


Also some info on the new Personal Savings Allowance and the 0% Starting Rate for Savings of 5K in this MSE thread:

https://forums.moneysavingexpert.com/discussion/5439757