Could someone please put my mind at rest and confirm my understanding of the following:
OH's personal allowance is 11310 (She gives me marriage allowance).
Her projected savings interest this year is £7600
Her only other income (pension drawdown) will be £9700.
Using starting rate and personal savings allowance she would still not have tax to pay.
Also, as savings interest is under £10000, self assessment form not required.
TIA
Got a credit card? use our Credit Card & Finance Calculators
Thanks to Anonymous,bruncher,niord,gvonge,Shelford, for Donating to support the site
Using excess personal allowance for savings interest
-
- Posts: 40
- Joined: November 7th, 2016, 10:16 am
- Has thanked: 4 times
- Been thanked: 1 time
-
- Lemon Slice
- Posts: 510
- Joined: November 4th, 2016, 3:57 pm
- Has thanked: 539 times
- Been thanked: 229 times
Re: Using excess personal allowance for savings interest
StayinAlive wrote:Could someone please put my mind at rest and confirm my understanding of the following:
OH's personal allowance is 11310 (She gives me marriage allowance).
Her projected savings interest this year is £7600
Her only other income (pension drawdown) will be £9700.
Using starting rate and personal savings allowance she would still not have tax to pay.
Also, as savings interest is under £10000, self assessment form not required.
TIA
I'm not sure whether your wife can use the marriage allowance if her income exceeds the personal allowance
https://www.gov.uk/marriage-allowance
says the lower earner must normally have an income below the personal allowance. However that may only be so that they are a non-tax payer. I don't know what the situation is if you qualify for the starting rate on savings income.
Who is online
Users browsing this forum: No registered users and 5 guests