Why did I have to pay tax on my £10,000 savings bond? TONY HETHERINGTON replies
Mrs I. T. writes: Last year I put £10,000 into a 65+ Guaranteed Growth Bond from National Savings & Investments and declared at the time that I was a non-taxpayer.
In April this year, I was told my bond had earned £410, but tax of £80 had been deducted. When I rang NS&I to complain, I was told to claim the money back from Revenue & Customs, which I did.
But why was the tax deducted when I had declared I was not a taxpayer?
I suspect the explanation for all this lies in the new tax-free personal savings allowance, which was announced by the then Chancellor George Osborne in... read more
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