Santander 123 account interest payments.
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How strange.
I have only had two statements. Both state 'interest paid after Tax 0.00 deducted'
The daily breakdown I have received for the two months has 3 columns showing - Gross Interest - Tax - Net interest - and each payment credited has been the Gross Interest.
My accounts(including current account) were transferred to Santanter from Alliance and Leicester - I wonder if that makes any difference to the codes on the computer?? Although I was never registered to receive gross interest with A & L, indeed as a higher rate tax payer I faithfully declared all interest with the standard rate deducted on my tax return.
I have just received my first Cashback and interest, my interest is shown as
INTEREST PAID AFTER TAX 0.82 DEDUCTED
Yours sounds as if interest has been paid gross.0 -
notbritishgas wrote: »My account was formerly A&L, converted to Santander Premier Direct Travel, and recently converted again to 123.
I have just received my first Cashback and interest, my interest is shown as
INTEREST PAID AFTER TAX 0.82 DEDUCTED
Yours sounds as if interest has been paid gross.
Yes without doubt I have been paid gross on the 123 account; and I cannot understand why that would happen. I have never registered to receive gross interest on a bank account - ever.
It is especially surprising because since I opened the 123 account, I closed a Santander on-line saver account (it had reached the end of 12 month bonus period) and the interest was paid Nett i.e. "26/11/2012 INTEREST PAID AFTER TAX 125.71 DEDUCTED"
Not that it is a problem, I will sort it out at end of Tax Year.0 -
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Yes without doubt I have been paid gross on the 123 account; and I cannot understand why that would happen. I have never registered to receive gross interest on a bank account - ever.
It is especially surprising because since I opened the 123 account, I closed a Santander on-line saver account (it had reached the end of 12 month bonus period) and the interest was paid Nett i.e. "26/11/2012 INTEREST PAID AFTER TAX 125.71 DEDUCTED"
Not that it is a problem, I will sort it out at end of Tax Year.
If you have a Santander nearby perhaps a visit will clear it up.0
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