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    Anyone now about 10% income tax on savings interest?????

    Hi, At the moment all of our savings are in my name, If I split the savings into joint names with my OH, how does the 10% tax on the first £2000 odd of interest work? Does it mean that both of us are entitled to 10% tax on the first £2000 odd of interest each? My OH has income from private pensions but is 65 next year so will have state pension aswell he pays tax at the moment but of course his taxable allowance will increase next year when he reaches 65 . My only income is through interest on savings and also receive Carers Allowance (which I Know is taxable) - we both took early retirement a couple of years ago. Looking to receive the most income on savins interest that is possible. any help with this would be gratefully received.

    7 Comments

    I have never heard of 10p tax on the first £2000 of savings, the only 10p tax rate that I am aware of, was the one that was dispensed with by Gordon Brown.

    Standard tax on savings is 20p in the £ as far as I am aware.

    ISA's are available with no tax to pay, subject to a limit of £3600 per adult person, per annum.

    Banned

    10p tax band was abolished by Mr Clown hence next April, those on low incomes (below £14K) will be worse off.

    Banned

    register as a non-taxpayer (form R85) if your income is below the tax threshold.

    csiman;3479314

    10p tax band was abolished by Mr Clown hence next April, those on low … 10p tax band was abolished by Mr Clown hence next April, those on low incomes (below £14K) will be worse off.




    Over a million people in the UK are already worse off.

    Banned

    Inactive;3479342

    Over a million people in the UK are already worse off.


    Yep, and set to be even worse off next April (if not unemployed :x)

    Original Poster

    Thanks everyone, especially melipona -understand better now - cheers
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