The Student Room Group
Uni students - Complete our survey >>
Uni students - Complete our survey >>
Uni students - Complete our survey >>

Student Finance - Savings section

Hi,
I had a question regarding the student finance form...
So you know the person who is supporting your application, under the savings section, it asks:
'Did you get any UK investment income or interest from UK savings?'...
Does the 'interest from UK savings' include interest that you have acquired through your savings in a everyday current account (i.e. monthly interest)?
Also, does a current account count as a taxable account?
Thanks!
Original post by Sparkle110
Hi,
I had a question regarding the student finance form...
So you know the person who is supporting your application, under the savings section, it asks:
'Did you get any UK investment income or interest from UK savings?'...
Does the 'interest from UK savings' include interest that you have acquired through your savings in a everyday current account (i.e. monthly interest)?
Also, does a current account count as a taxable account?
Thanks!


It should be income from all savings, current accounts or savings accounts
"a Income from UK banks, building societies and unit trusts Tell us about the amount of interest/income you received from the following savings and investment income type(s): Gross UK interest (before tax has been deducted) You must include interest you receive on bank, building society and other savings accounts unless specifically non-taxable, for example, a non-taxable Individual Savings Account (ISA) etc."
This will usually be a pretty small amount - it's the INTEREST not the amount of savings themselves (but some people have massive savings and live off the interest on those savings)
Hi Sparkle110,

Thank you for your question/

To explain in simple terms, your sponsors do need to include interest acquired from any taxable savings/current account for the full tax year in question. If you want to find out if the account your sponsors have is taxable or not, best thing to do is check with the bank to be certain.

Thank you.
Kruti

Quick Reply

Related discussions

Latest

Trending

Trending

Articles for you