tax being decuted on savings

Steph92 | 20:19 Mon 05th Jul 2010 | Personal Finance

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i have a part time job, but am i entitled to the r85 form to prevent tax being taken from my savings?

housing benefit limits

tax being deducted on a savings account

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Halifaxmum

It depends - if your income is less than the Personal Allowance for your age (6475 for under 65s), you can ask the bank for an R85, complete it and give it back to them and get the interest tax-free. Income includes earnings from employment, interest and pretty much anything else - investments, pensions etc.

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