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Tax free savings

(5 Posts)
Bluecarrot Mon 08-Jun-15 15:59:46

Im reading about the tax free savings up to £1000 for people on a low income. Does anyone know if income includes tax credits and child benefit in this case?

Also, we have a joint account. Since opening I havent earnt enough to pay tax. I asked if this affected our account - would half be tax free - and was told no, both people need to have tax free status. Ive since read (today) that this might not be the case?

specialsubject Mon 08-Jun-15 18:48:10

the tax free interest on savings for all up to £1000 doesn't come in until April 2016. Given the continued low interest rates on savings, you need a LOT of cash to earn this much.

for the current tax year:

re benefits:
www.gov.uk/apply-tax-free-interest-on-savings/tax-free-savings

as for the joint account; the end of year tax statement should show the interest payable to each of you. You can then feed your half in to your tax return to claim back tax if you are below the personal allowance threshold.

Slimmerforsummer Mon 08-Jun-15 22:31:09

I thought I read on mse there's something that came in in April this year? Those with income under £15,600? Maybe I misunderstood

Bluecarrot Mon 08-Jun-15 22:59:39

That's a v good link. Thanks specialsubject smile

specialsubject Tue 09-Jun-15 10:27:35

slimmer yes - tax free interest for those on that income or below is in now, but you need to arrange/claim it.

tax free interest for all up to £1000 interest comes in next year.

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