Tax breaks on savings income – apply here
The new 2015/16 tax-year brings forth changes to the way savings income is taxed. Are you aware of the possible benefits to you or people you know?
These changes were in fact initiated in the
2014 Budget where the government announced that there would be a new zero percent tax bracket for savings income instead of the 10 percent starting bracket. They also announced at the time that the first £5,000 of savings income would be tax free, both of these changes to commence from April 2015.
This new regime for tax on savings is estimated to help approximately one million people to earn savings interest tax free, with a further 500,000 able to claim back at least some of the tax they will pay.
If you or someone you know earns less than £15,600 per year, then you qualify.
Click here to check your situation.
You do need to register with your bank or building society!
How to claim
- If you earn less than £15,600 per year, complete Form R85 and submit this with your bank or savings provider.
- If you earn more than £15,600 but think you can claim some of the tax you are paying back, complete Form R40 or include details on your personal tax return.
Figurit offer can help with explaining this in more detail, if required and ensuring any credit is claimed on your self-assessment tax return as part of our usual process.
T: 020 7376 9333
E: info@figurit.com
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