‘10% starting rate on savings income’

Many taxpayers overpaying tax on savings income

Thursday, February 7th, 2013

Current figures show that many taxpayers are overpaying tax on their savings income, paying 20% instead of the 10% starting rate.

For 2012/13, the 10% starting rate is applied to the first £2,710 of non-dividend income, provided overall income does not exceed £2,710 plus the personal allowance.

Typically this will apply to pensioners but anyone affected can reclaim the overpaid tax via an R40 Tax Repayment Form, attached here: http://www.hmrc.gov.uk/forms/r40.PDF

Please get in touch if you’d like help with completing the form or have any queries around the issue. Helen Sewell can be contacted on [email protected] or call Helen on 01527 558539


Feb 2013