The first £5000 on savings is being taxed at 0% why.
Article ID
ias-12374
Article Name
The first £5000 on savings is being taxed at 0% why.
Created Date
28th December 2016
Product
IRIS Personal Tax
Problem
Clients have asked why the first £5000 is being taxed at 0% for savings.
Resolution
The first £5,000 of savings being taxed at 0% was brought in on the 6th April 2015 and therefore the first £5,000 is taxed at 0%.
This can be verified on the SA110 notes for 2016 and a link is below.
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/574609/sa110_notes_2016.pdf
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