TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Savings Taxed at 10%

HMRC have published guidance, including examples, on the 10% starting rate for “savings income”.

In summary, most taxable income (up to the basic rate limit of £36,000) is taxed at the basic rate of 20 per cent, but there is a special 10 per cent starting rate for ‘savings income’ (i.e. bank and building society interest) that the taxpayer may be entitled to.

The rate at which saving income is taxable will depend on how much earnings are received. If the earnings are less than the personal allowance plus £2,320, then some or all of the savings income will be taxable at 10 per cent.