Tax free interest for pensioners?

Kelvin | 15:43 Sun 24th Apr 2005 | Business & Finance

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My mother is a pensioner who does not work, therefore does not pay income tax. Does this mean that the interest on her savings should be paid tax free or would she need to invest in an ISA to avoid giving a percentage of the interest on her hard-earned savings to the vultures?

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kempie

Non-taxpayers can elect to have interest paid tax free by completing an R85 for each account (some R85s can accomodate 2 accounts per form) and giving it to their bank.

R85

Kelvin

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Thanks Kempie, just what we were looking for!

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