Personal Savings Allowance - Housewife

mooneysaver

Band7 said:

mooneysaver said:

People are forgetting the £500 housewife's allowance. This is applied after the personal allowance but before the savings starter allowance. However it does not apply to dividend income.

Do you have a link please to the gov.uk website with details of the £500 housewife's allowance?

Put your details in here to check if you're eligible: https://www.gov.uk/benefits-calculators

Band7

mooneysaver said:

Band7 said:

mooneysaver said:

People are forgetting the £500 housewife's allowance. This is applied after the personal allowance but before the savings starter allowance. However it does not apply to dividend income.

Do you have a link please to the gov.uk website with details of the £500 housewife's allowance?

Put your details in here to check if you're eligible: https://www.gov.uk/benefits-calculators

We are talking about tax allowances, and specifically about savings interest allowances, not about benefits. I am no expert in benefits but have never heard of a housewife benefit, either, and definitely not in the context of tax allowances. If there is one, please post a link to the Government website that describes this benefit.

Dazed_and_C0nfused

Band7 said:

mooneysaver said:

Band7 said:

mooneysaver said:

People are forgetting the £500 housewife's allowance. This is applied after the personal allowance but before the savings starter allowance. However it does not apply to dividend income.

Do you have a link please to the gov.uk website with details of the £500 housewife's allowance?

Put your details in here to check if you're eligible: https://www.gov.uk/benefits-calculators

We are talking about tax allowances, and specifically about savings interest allowances, not about benefits. I am no expert in benefits but have never heard of a housewife benefit, either, and definitely not in the context of tax allowances. If there is one, please post a link to the Government website that describes this benefit.

There are no allowances for taxable interest and there is no housewife benefit, it was just a joke.

There are two 0% rates for taxable interest though.  Which combined with the Personal Allowance can mean some people don't need to pay tax on the first £18,570 of the interest they receive.

Band7

Dazed_and_C0nfused said:

Band7 said:

mooneysaver said:

Band7 said:

mooneysaver said:

People are forgetting the £500 housewife's allowance. This is applied after the personal allowance but before the savings starter allowance. However it does not apply to dividend income.

Do you have a link please to the gov.uk website with details of the £500 housewife's allowance?

Put your details in here to check if you're eligible: https://www.gov.uk/benefits-calculators

We are talking about tax allowances, and specifically about savings interest allowances, not about benefits. I am no expert in benefits but have never heard of a housewife benefit, either, and definitely not in the context of tax allowances. If there is one, please post a link to the Government website that describes this benefit.

There are no allowances for taxable interest and there is no housewife benefit, it was just a joke.

There are two 0% rates for taxable interest though.  Which combined with the Personal Allowance can mean some people don't need to pay tax on the first £18,570 of the interest they receive.

If there are no savings interest allowances (my words), or allowances for taxable interest as you call it, why does the Government tell us there is a thing called Personal Savings Allowance that allows most people to earn up to £1,000 interest tax free? Is it merely semantics?


NB. I fail to see the joke regarding housewife benefit, but it's probably off-topic to talk about benefits in this thread, and the person who introduced it was initially talking about an allowance but has failed to substantiate their claim.

Albermarle

If there are no savings interest allowances (my words), or allowances for taxable interest as you call it, why does the Government tell us there is a thing called Personal Savings Allowance that allows most people to earn up to £1,000 interest tax free? Is it merely semantics?

The point being made is that it is not really technically a tax free allowance, but that the first £1000 of interest is taxed at 0%.
In most cases it makes no practical difference, but for the real tax experts they prefer to make the distinction.

Band7

Albermarle said:

If there are no savings interest allowances (my words), or allowances for taxable interest as you call it, why does the Government tell us there is a thing called Personal Savings Allowance that allows most people to earn up to £1,000 interest tax free? Is it merely semantics?

The point being made is that it is not really technically a tax free allowance, but that the first £1000 of interest is taxed at 0%.
In most cases it makes no practical difference, but for the real tax experts they prefer to make the distinction.

How very strange that the real tax experts chose to call it an allowance then.

Dazed_and_C0nfused

Band7 said:

Albermarle said:

If there are no savings interest allowances (my words), or allowances for taxable interest as you call it, why does the Government tell us there is a thing called Personal Savings Allowance that allows most people to earn up to £1,000 interest tax free? Is it merely semantics?

The point being made is that it is not really technically a tax free allowance, but that the first £1000 of interest is taxed at 0%.
In most cases it makes no practical difference, but for the real tax experts they prefer to make the distinction.

How very strange that the real tax experts chose to call it an allowance then.

I wouldn't call gov.uk tax experts, they cover a whole host of government services.

And if you are subject to HICBC, tapered Personal Allowance or tapered Married Couple's Allowance you will be well aware it is £1,000 of taxable income 😟.

I would class the trading allowance and rental income allowance as genuine "allowances".

badger09

Dazed_and_C0nfused said:

Band7 said:

Albermarle said:

If there are no savings interest allowances (my words), or allowances for taxable interest as you call it, why does the Government tell us there is a thing called Personal Savings Allowance that allows most people to earn up to £1,000 interest tax free? Is it merely semantics?

The point being made is that it is not really technically a tax free allowance, but that the first £1000 of interest is taxed at 0%.
In most cases it makes no practical difference, but for the real tax experts they prefer to make the distinction.

How very strange that the real tax experts chose to call it an allowance then.

I wouldn't call gov.uk tax experts, they cover a whole host of government services.

And if you are subject to HICBC, tapered Personal Allowance or tapered Married Couple's Allowance you will be well aware it is £1,000 of taxable income 😟.

I would class the trading allowance and rental income allowance as genuine "allowances".

I wouldn't even call HMRC tax experts!
Sadly most of those who could genuinely claim to be real tax experts were replaced many years ago by increasing numbers of bright young things who never stayed in one place long enough to amass any expertise. Or for their shortcomings to become apparent

Band7

So where are those real UK tax experts hiding? And why? What legal standing do they have, considering UK law describes our individual savings allowance?