Tax Tips from...
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Non Taxpayers - If you are a Non-Taxpayer and your total income is below the personal allowance, you may register to receive interest on banks or building society gross. Even if most of your bank and building society interest will be covered by your allowances, you cannot register some accounts and not others. They must all be covered |
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Tax deducted at source - Tax on bank and building society interest is deducted at source at the rate of 20% (unless you have registered to receive the interest gross). A claim for all or part of the tax deducted may be made where the individual`s taxable income is below £7755 for the year ended 5th April 2009. |
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