Savings Interest Income Tax 2018
(06/04/2018 to 05/04/2019)
Savings Tax Explained:
When you receive interest from a bank or building society account, it is usually paid to you with a savings tax liability due of 20%.
This is either deducted at source, for example: bank interest or paid later via self assessment tax return if paid gross such as interest received in overseas bank accounts.
Is there any further tax due or can I reclaim the tax if already deducted?
* Starting Rate Tax: the 10% lower 'starting' tax rate was reduced to 0.00 % from 6 April 2016. This is provided all taxable income is below a combined Personal Tax Allowance of £11850 (£11850 people born April 1938) and Starting Rate Tax Allowance of £5000.
Investments with tax deducted normally at source
Investments where interest is normally paid gross and taxes are due by self assessment collection
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