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tax on savings interest


HannahSmith

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Sorry if this topic has been done before but I couldn't find an answer specific to my question.

If we were living on interest on savings then:

a) would we still get the 10% discount then the 20% discount before paying tax?

b) when you do pay the tax on whatever you have left, do you say that the first 4262 (or whatever the rate is) of you income is taxed at 0%, the next however much at the next rate etc (like the English system) or do you get taxed at whatever rate the whole of your income is, rather than a tiered system?

Sorry if this is a bit confusing .....!

Thanks very much.

Hannah
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In answer to your questions:

a) No.

B) Yes the allowances apply and you are taxed on total world wide income if you are resident, so you do not deduct the social charges before applying tax. You will however be able to deduct a part of the social charges from the next years income before tax.

 

NB for 2003 the rate is 10.15% and for 2004 on it is 11%.

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