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Post by p2plender on May 15, 2019 12:14:53 GMT
Thanks all. Turns out they couldn't understand what 'p2p lending interest' was....
Remarkable.
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zlb
Member of DD Central
Posts: 1,422
Likes: 333
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Post by zlb on May 15, 2019 14:33:36 GMT
I'm trying to work out what this means. The £5000 allowance may get reduced on a sliding scale according to the extent of any "other income" (seemingly meaning wages/pension), but am I right in thinking that if all of your income is savings interest then you get the full £5000 allowance irrespective of how much that savings income is? The HMRC online info for this is one of my pet hates (starting rate for savings). The wording used to imply (without doubt) that if you earned under £17k, you could earn £5k in savings interest. This is not true to the very best of my knowledge at the time after online chats and phone calls with the fractured, multi-headed HMRC staff who can't even explain or deny what is written on their own web pages (over many examples). You were allowed to earn up to 17K using savings interest if your starting salary earnings were less than £17k, in addition to the £1k allowance that everyone gets no matter what their salary is. e.g. If one earns e.g. £16,500 then one is allowed to earn an additional £500 from savings interest type of earnings (plus the £1k ordinary allowance)
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hazellend
Member of DD Central
Posts: 2,363 
Likes: 2,180
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Post by hazellend on May 15, 2019 14:59:22 GMT
I'm trying to work out what this means. The £5000 allowance may get reduced on a sliding scale according to the extent of any "other income" (seemingly meaning wages/pension), but am I right in thinking that if all of your income is savings interest then you get the full £5000 allowance irrespective of how much that savings income is? The HMRC online info for this is one of my pet hates (starting rate for savings). The wording used to imply (without doubt) that if you earned under £17k, you could earn £5k in savings interest. This is not true to the very best of my knowledge at the time after online chats and phone calls with the fractured, multi-headed HMRC staff who can't even explain or deny what is written on their own web pages (over many examples). You were allowed to earn up to 17K using savings interest if your starting salary earnings were less than £17k, in addition to the £1k allowance that everyone gets no matter what their salary is. e.g. If one earns e.g. £16,500 then one is allowed to earn an additional £500 from savings interest type of earnings (plus the £1k ordinary allowance) Correct. Very few people will be in a position to take the full benefit.
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