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In the open tutions f6 downloade material the example no 5,6,7 the savings income for tax purposes the total of saving income are divided in what slabs or how they calculated as the savings income the % is 20 if its 1 to 34370
Hi Sheela you need to look in the Course Notes at page iii Tax Rates and the detailed note on how to apply these tax rates on Savings Income – note 3.5 (g) on page 7 which explains that if any part of the Savings Income falls within the first £2,710 of Taxable Income then it will be taxed at 10% NOT 20%, which is the usual rate for taxing Savings Income falling within the basic rate band. This is then illustrated in Example 5.
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