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Guide to tax allowances

How much tax do you pay?

Either way, to calculate how much income tax is payable in total, you work out how much of your earnings fall under each category and deduct the appropriate percentage from each slice – without forgetting the original allowance you are entitled to.

Interest on bank and building society accounts is paid with 20 per cent tax already taken off. Non-taxpayers can get interest paid gross by filling in HM Revenue & Customs form R85, available from bank branches. Anyone who has failed to do this in the last five years can reclaim the tax paid using form R40.

Higher rate taxpayers are liable to pay 40 per cent on their savings. This has to be declared every year to HM Revenue & Customs.


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Page 2: How much tax do you pay?

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