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£300 "other income" limit now £1300?
Legacy_user
Posts: 0 Newbie
I believe 20% taxpayers now are able to earn £1000 interest outside of isas without paying tax - if this is now tax free income, does that mean it doesn't count in the £300 "other income" part of the tax credit form?
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Comments
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no.
the rule says £300 in interest is ignored, not £300 in taxable interest0 -
But cash isas are ignored?This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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MatthewAinsworth wrote: »But cash isas are ignored?
You do not include any interest from an ISA as it is not taxable.
Interest from regular savings accounts remain taxable, although £1000 is taxed at 0%, so are included if over £300. The £300 applies to the total "other income".0 -
Thankyou, and I'll assume the same applies to the £5000 dividend allowance - imagine £5000 in dividends that didn't affect tax credits lolThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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Hopefully in the isa fund I'm looking at it'll be clear what's capital gain and what's reinvested dividendThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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