Tax Tips
We have 2 tip(s) under the heading LowIncome.
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 accounts without the deduction of tax. 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
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). You can make a claim for refund of all or part of the tax deducted if your total income (including all investment income) is below the personal allowance and the savings rate band for the tax year.
UK dividends carry a notional tax credit of 10% of the gross dividend. This credit cannot be reclaimed.
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