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  • FIRST POST
    • ausuk
    • By ausuk 10th Apr 18, 7:10 PM
    • 1Posts
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    ausuk
    Large amount of savings..Help!
    • #1
    • 10th Apr 18, 7:10 PM
    Large amount of savings..Help! 10th Apr 18 at 7:10 PM
    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.
Page 1
    • eskbanker
    • By eskbanker 11th Apr 18, 12:43 AM
    • 6,838 Posts
    • 7,090 Thanks
    eskbanker
    • #2
    • 11th Apr 18, 12:43 AM
    • #2
    • 11th Apr 18, 12:43 AM
    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
    • SeeMe
    • By SeeMe 22nd Apr 18, 12:26 PM
    • 78 Posts
    • 13 Thanks
    SeeMe
    • #3
    • 22nd Apr 18, 12:26 PM
    • #3
    • 22nd Apr 18, 12:26 PM
    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
    Originally posted by eskbanker
    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.
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