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Large amount of savings..Help!
ausuk
Posts: 2 Newbie
Hi.
Can anyone help me with the tax system on savings please. I am looking to bring over a large amount of money from overseas and putting into a Fixed Rate Bond. I am a low income earner. Will I be taxed on it for the money will earn over £2000.00 per year interest. Thank you.
Can anyone help me with the tax system on savings please. I am looking to bring over a large amount of money from overseas and putting into a Fixed Rate Bond. I am a low income earner. Will I be taxed on it for the money will earn over £2000.00 per year interest. Thank you.
0
Comments
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Except for those on higher rate tax or above, everyone has a personal savings allowance of £1,000, so the first £1,000 of interest doesn't attract tax but the rest will.
However, if your low income (including the interest) is below £17,850 then you should be able to take advantage of the £5,000 starting savings rate (of 0%), as explained at https://www.moneysavingexpert.com/savings/tax-free-savings0 -
Except for those on higher rate tax or above, everyone has a personal savings allowance of £1,000, so the first £1,000 of interest doesn't attract tax but the rest will.
However, if your low income (including the interest) is below £17,850 then you should be able to take advantage of the £5,000 starting savings rate (of 0%), as explained at https://www.moneysavingexpert.com/savings/tax-free-savings
Well that link confirms to me that as i only have a pension of £10,000 per year, i will not pay tax on my savings interest until my state pension is added in 3 years time. The 2 pensions added together will only be around £18k + by then i would think.0
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