Do people aged 85 and over pay tax on their savings?

Question

Do people aged 85 and over pay tax on their savings?

Answer 1

Everyone pays their due tax, even the 85`s and over,  believe it or not!

Answer 2

Everything a person 'earns' over their personal allowance is taxable.  Earns includes wages, interest of savings, pension etc.  So the actual savings are not taxed, only the interest earned from the savings.

Answer 3

No one pays taxes on savings. We all pay taxes on interest earned based on our tax brackets.  

Answer 4

they have to pay tax on their interest according to their tax code, although some savings interest is tax free. Older people get a larger tax allowance than others at present though.

Answer 5

Over 85s have no exemption from income tax, but they do get the over 75 increased age allowance, provided their income is below a certain level.

They wouldn't pay tax on savings, just on the interest generated.