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Hi,
Can i ask if the £1000 for BRB and £500 for HRB impacts on the bands themselves?
So the Basic rate band at £33,500 say i took £30,000 in NSI that leaves 3,500 left, do i need to take the £500/1000 off that then the rest will be taxed at 20/40%?
Hope that makes sense,Thanks so much
Cassie
Firstly apologies for delay in reply – and yes the question makes sense as hopefully will the answer!
Not sure whether you are working through the OT notes and lectures but if you look in the notes – chapter 2, page 7, note 2.2(e), second bullet point:
“The savings income nil rate band counts towards the basic rate and higher rate thresholds”In the examples that follow you will see how the savings income NRB uses up the relevant amount (1,000 or 500) of the 33,500 BRB
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