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Tax free savings advice please
savermseman
Posts: 31 Forumite
Hi.. Can anyone please help me ..I have read the tax allowance from Government website, but still can't get my head around it..
I am 60 years old , live alone, cannot work due to my disability, and earn £6100 per year JS which is taxable , however it's my only income so it's tax free..I have £170.000 of savings, which if I bank it at 4,5% would earn me about £7.5k per year,.. I also have another £20k that's gone into ISA for this year...Can anyone please tell me if I will need to pay tax on any of my income which would be approx £13.5k ...Thankyou
I am 60 years old , live alone, cannot work due to my disability, and earn £6100 per year JS which is taxable , however it's my only income so it's tax free..I have £170.000 of savings, which if I bank it at 4,5% would earn me about £7.5k per year,.. I also have another £20k that's gone into ISA for this year...Can anyone please tell me if I will need to pay tax on any of my income which would be approx £13.5k ...Thankyou
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If your only non savings non dividend income i.e. taxable wages, pension etc is £6,100 then you can earn another £11,210 in interest before having to pay any tax on it.savermseman said:Hi.. Can anyone please help me ..I have read the tax allowance from Government website, but still can't get my head around it..
I am 60 years old , live alone, cannot work due to my disability, and earn £6100 per year JS which is taxable , however it's my only income so it's tax free..I have £170.000 of savings, which if I bank it at 4,5% would earn me about £7.5k per year,.. I also have another £20k that's gone into ISA for this year...Can anyone please tell me if I will need to pay tax on any of my income which would be approx £13.5k ...Thankyou
Or £12,470 if you haven't applied for Marriage Allowance.2
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