Taxed income from savings?

Author	Message
Written on: 13.11.2009 [02:52]
Anabel Anabel Topic creator Posts: 1	My only source of income is my income from savings in a Building Society account; can the society take tax directly even though I am not supposed to pay tax?
Written on: 17.11.2009 [13:22]
Lydia Lydia Posts: 2	Any income that you have is subject to tax. If you don’t have any income your Building society can still charge you tax if your interest is over the yearly allowance. If your interest is below the tax Allowance you ask them for a specific form that allows you to be processed as tax free.
Also very interesting: Taxed income from savings? Tax rules for pensions contributions? New pensions & 2006 rules... How would retirement income windfall tax be fair? Still getting charged tax even though have Yorkshire BS ISA… Tax-free national savings & investment accounts? Do I have to give notice to withdraw from a cash ISA (Halifax)? Can I withdraw from my tax free savings account (CIBC Bank)? Is the tax free savings account RBC offers available as a joint account? Can I have more than one of the tax free savings account TD introduced?
Written on: 18.11.2009 [21:55]
Gibbs Gibbs Posts: 3	I am not sure if this is right, surely you could then end up changing your circumstances and the B.S. wouldn’t even know.
Written on: 19.11.2009 [18:07]
Ritter Ritter Posts: 2	Try a R85 from the tax office, or better yet ask a local tax advisor.