Question about tax on savings

baby_boomer

The tax free personal allowance has just been raised to £6,035 for 2008/9 (BUT with no guarantee that it will not fall in 2009/10 as this could be a temporary solution to the 10p tax issue) . Wait for the next installment of "budget farce".

This thread is quite funny. The Brown/Darling fiasco means that it is impossible to search quickly for the answer to the OP's question.

Even the Inland Revenue site is out of date! [So ignore lazydaisy's post with info from the IR since Alistair & Gordon sneakily cut £1200 from the top rate tax allowance in their May "mini-budget".]

Brown/Darling couldn't run a market stall together .

The figure the OP should work with for 2008/9 is £40,835 gross before 40% tax is payable. But if your interest (and therefore tax) is payable in 2009/10 then I wouldn't count on anything :rotfl:

Lokolo

To be quite honest who cares. (I shall explain)

The bank will automatically take 20%, the lower tax band.

When you complete your tax return form you can make them work it out if you have to pay more or not :beer:

Former_MSE_Dan

agreed Baby Boomer - the only place we know with the right info is here:

http://forums.moneysavingexpert.com/showthread.html?t=806351

CHR15

I'm gonna put my head back in the sand!

zzzLazyDaisy

Ah, silly me. Yes you are right! Fancy thinking the Inland Revenue would know what the current tax rates are! Must have had a senior moment..........