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Posted Thu, 06 Apr 2023 13:03:12 GMT by
According to High Income Child Benefit webpage about taxable income, only interests on savings over your savings allowance is accounted for. However, when I fill in the tax return, since I have earned £400 in interest, so I have entered in the relevant box. This value did however carry over and increased my taxable allowance and increase my charge value. Given my £400 interest is within saving allowance, should I just leave it as blank?
Posted Mon, 17 Apr 2023 09:57:20 GMT by HMRC Admin 19
Hi,

You do not pay tax on the amounts below the allowance however the income is included when calculating the High Income Child Benefit Charge.

Thank you.
Posted Thu, 07 Mar 2024 23:27:15 GMT by Galaxy
Hello This appears to suggest that: 1) In the calculation of income to determine whether or not the charge applies, only interest above the saving allowance is included but: 2) If the charge applies, all interest is included in calculating the charge. Is this correct? Thanks
Posted Mon, 11 Mar 2024 13:34:14 GMT by HMRC Admin 19
Hi,

All interest received is included when calculating your Higher Income Child Benefit Charge, but only interest that exceeds the Savings Allowance is subject to tax.

Thank you,

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