Menu
23/11/2004
Low paid urged to claim back tax on savings
A campaign has been launched to encourage all savers on low incomes to check if they are entitled to claim back tax.
Banks and building societies automatically take off the lower rate of 20% tax from interest before it pays to savers, unless those who are not due to pay tax tell them not to.
The Inland Revenue estimates up to four million savers are set to gain and has already contacted more than 21,000 pensioners on low incomes and paid back over £7.3 million in taxes.
Paymaster General Dawn Primarolo said: "Up to £300 million could be waiting to be claimed so it is vital that anyone who thinks they might be eligible contacts the Inland Revenue to find out more."
Savers who are likely to qualify for tax back include children, students, part-time workers, people out of work and pensioners.
If savers claim by 31 January 2005 they can go back as far as 1998-1999 to get tax back.
(gmcg/sp)
Banks and building societies automatically take off the lower rate of 20% tax from interest before it pays to savers, unless those who are not due to pay tax tell them not to.
The Inland Revenue estimates up to four million savers are set to gain and has already contacted more than 21,000 pensioners on low incomes and paid back over £7.3 million in taxes.
Paymaster General Dawn Primarolo said: "Up to £300 million could be waiting to be claimed so it is vital that anyone who thinks they might be eligible contacts the Inland Revenue to find out more."
Savers who are likely to qualify for tax back include children, students, part-time workers, people out of work and pensioners.
If savers claim by 31 January 2005 they can go back as far as 1998-1999 to get tax back.
(gmcg/sp)
Related UK National News Stories
Click here for the latest headlines.
30 November 2010
Corporation Tax Reform To Create 'Competition'
The Government has published details of its Corporate Tax Reform programme consisting of a series of essential reforms designed to improve the UK's tax competitiveness. Measures include the introduction of new Controlled Foreign Company (CFC) rules and a commitment to introduce a Patent Box.
Corporation Tax Reform To Create 'Competition'
The Government has published details of its Corporate Tax Reform programme consisting of a series of essential reforms designed to improve the UK's tax competitiveness. Measures include the introduction of new Controlled Foreign Company (CFC) rules and a commitment to introduce a Patent Box.
30 May 2014
More Fall Into Debt Following HMRC Overpayments
The number of issues reported to Citizens Advice of people falling into debt as a result of repaying overpaid tax credits increased by 14 per cent in the 2013/14 tax year. Tax Credit debts arise when HMRC over-estimates a person’s entitlement to financial support and ends up having to recoup overpayments.
More Fall Into Debt Following HMRC Overpayments
The number of issues reported to Citizens Advice of people falling into debt as a result of repaying overpaid tax credits increased by 14 per cent in the 2013/14 tax year. Tax Credit debts arise when HMRC over-estimates a person’s entitlement to financial support and ends up having to recoup overpayments.
06 April 2011
Government Tackle Tax Avoidance
David Gauke, Exchequer Secretary to the Treasury, has today announced a change in legislation to prevent tax avoidance. The measure will prevent individuals from taking advantage of a tax loophole that would have emerged today had the Government not taken action.
Government Tackle Tax Avoidance
David Gauke, Exchequer Secretary to the Treasury, has today announced a change in legislation to prevent tax avoidance. The measure will prevent individuals from taking advantage of a tax loophole that would have emerged today had the Government not taken action.
18 March 2004
Chancellor’s film relief rules broadly welcomed
Chancellor Gordon Brown’s decision to offset the closing of a tax loophole widely used by filmmakers with extended tax relief has been generally well received by industry bodies.
Chancellor’s film relief rules broadly welcomed
Chancellor Gordon Brown’s decision to offset the closing of a tax loophole widely used by filmmakers with extended tax relief has been generally well received by industry bodies.
30 January 2004
Government hails Child Tax Credit figures
The government has hailed its Child Tax Credit and Working Tax Credit after official figures revealed that six million families had taken up the scheme in the 10 months since their introduction.
Government hails Child Tax Credit figures
The government has hailed its Child Tax Credit and Working Tax Credit after official figures revealed that six million families had taken up the scheme in the 10 months since their introduction.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
