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A million savers need to register to pay no tax on their savings interest when changes to the tax system come in next month.

The rule where you pay 10 per cent on your first £2,880 of savings interest - as long as your total income is below a certain level - will disappear in the new tax year.

It will be replaced by a zero-tax band on the first £5,000 of savings interest.

If your income, including that from savings, is less than £15,600 a year, you are also eligible to register as a non-taxpayer.

To work out whether you are eligible you need to add up your total taxable income - including pensions, benefits, and any income from stock market investments - but don’t add in your interest from your savings accounts.

If this comes to less than £10,600, and your savings interest is less than £5,000, you can register as a non-taxpayer. To register, fill in an R85 form for each taxable account, available from banks and building societies.

You can check whether you are eligible to register as a non-taxpayer at www.hmrc.gov.uk/tools/r85/ r85-2015.htm

Source:  thisismoney.co.uk

Money Matters: 6th Mar 2015 09:08:00

 

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