Savings income Flashcards
1
Q
What is savings income?
A
Interest income which is received gross without a tax deduction at source by a payer
2
Q
What does savings income include?
A
Interest from banks, building societies, government bonds, corporate bonds
3
Q
How is savings income assessed?
A
The tax year it is received
4
Q
When is savings income at 0%?
A
Only within first £5,000 on taxable income
5
Q
Savings income between £37,700 and £150,000 tax rate?
A
40%
6
Q
Savings income between £5,000 and £37,700
A
20%
7
Q
Savings income over £150,000
A
45%
8
Q
Which group don’t benefit from any savings income nil rate band?
A
Additional rate
9
Q
What amount do basic rate taxpayers get from the savings income nil rate band?
A
£1,000
10
Q
What amount do higher rate taxpayers get from the savings income nil rate band?
A
£500
