Tag: Tax Free Savings

Capital Allowances – write off small pools

The legislation allows the whole balance of the main pool to be written off in a single year when the value of the pool is less than £1,000. This is known as the small pools allowance. The allowance, equal to the tax written down value of the pool, is claimed instead of the writing down allowance.

Tax-free Savings Income
HMRC

Tax-free Savings Income of £18,500

The personal savings allowance is available to basic rate and higher rate taxpayers only – additional rate taxpayers do not benefit from a personal savings allowance.

Tax Free Savings
HMRC

Tax Free Savings

If a person has no other income (or only dividend income in addition to savings income), or their other income is less than £11,500, some or all of the personal allowance (set at £11,500 for 2017/18) will be available to shelter savings income.