We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Tax on Savings? confused...
robert_harper_2000
Posts: 1,501 Forumite
in Cutting tax
I heard that for all interest that totals less than £2k it will be taxed @ 10% all above the usual 20%. However I assume as you could have lots of accounts this will amount to lots of paperwork and everyone will be charged 20% and have to claim the difference - if most could be bothered?
Help me to help you :santa2:
0
Comments
-
the 10% interest rate on savings only applies if your 'earned' or pension income is less than 5435 + 2320, so it only really applies to people who 'live' off their interest and not to normal workers.
However, if this does apply to you then it will be taxed at 20% as standard and you will have to claim it back from the HMRC.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.9K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards