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Just a thought: Investment income over nil-rate bands and non-SA taxpayers

04 September 2023 / Lynne Poyser
Issue: 4903 / Categories: Forum & Feedback , HMRC , self assessment , Investigations , Self assessment

I recently spent time with a retired family member who is a basic rate taxpayer not within self assessment. It occurred to me that they may need my help to review their bank interest and dividends for the first time in case they have any tax due for 2022-23 over the savings and dividend nil rate bands and that they’ll probably need my help on this on an annual basis going forward. With very low interest rates since 2016 and a dividend nil rate band of £5 000 or £2 000 it’s never been an issue before. At an interest rate of 5% a year a basic rate taxpayer only needs to have more than £20 000 of taxable savings to generate over £1 000 of gross interest.

My family member is not going to be the only person who could be caught out by the higher...

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