Will I qualify for Gross interest on savings?

BruceyBonus

Amyea wrote: »

Hi

Im a Student and I do not have a job therefore my income is £0, I have sent off forms to my banks asking them to pay my savings interest without the tax taken off. However, i want to get a job over the summer for 3 months, how much can i earn without having to ring the bank and tell them that i do have to pay tax on my savings?

I think i read somewhere it's £5225? Is this right?

Off hand I can't remember the exact figure but it is more than £5000.

Mikeyorks

Amyea wrote: »

I think i read somewhere it's £5225? Is this right?

No - it's £5435 wef 6th Apr 08. You can leave the R85 in place provided your total income (earnings + gross interest) do not exceed that figure up to 5th Apr 09. (And - bearing in mind a recent thread .... your Student Loan is not part of your income for this purpose!)

Mikeyorks

Norman-B wrote: »

I think my best bet is to visit my local Tax Office.

You can do that .... but it's unnecessary. If you look at the Helpsheet that comes with the R85 there's a simple calculation to help you decide whether you can go ahead and file the R85 with your Bank etc. From what you say (your personal allowance is £5435 (08-09) ) .. you're well below the threshold, so can file the R85 without qualm?