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Democorruptcy

Implications Of The New £1,000/£500 Tax Free Interest Income

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I wondered if this might happen.

Received a letter today from Sainsbury's Bank stating that from April 2016 they will no longer be deducting tax from interest income because most people won't have to pay any tax.

This means that if a lower rate tax payer earns over £1,000 in interest income, or a higher rate tax payer earns over £500 in interest income, it is now up to them to inform HMRC and pay the tax.

So a forced tax return for being an insurgent saver.

Anybody know what other banks are going to do the same?

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Higher rate tax payers have always been supposed to declare interest they've received and pay extra tax on it. HMRC have never seemed that bothered about it though.

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Agree , still worth lookming at the stocks and shares ISAs. After all no div tax!

Oh goody! I just opened up a stocks & shares ISA. B)

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