Interest tax deducted
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Chris_Singleton7
Posts: 6 Forumite
On my Santander 123 account the tax is deducted off the interest at source, If you now get a £1000 personal interest allowance how do you get interest back?
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Banks stopped taxing interest April 20160
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Chris_Singleton7 wrote: »On my Santander 123 account the tax is deducted off the interest at source, If you now get a £1000 personal interest allowance how do you get interest back?
On your Santander 123 account the interest is paid gross. No tax is deducted.0 -
Every month, since April 2016, my Santander bank statement has had an entry with the following description:Chris_Singleton7 wrote: »On my Santander 123 account the tax is deducted off the interest at source, If you now get a £1000 personal interest allowance how do you get interest back?
INTEREST PAID AFTER TAX 0.00 DEDUCTED
What is the description for the interest paid on your bank statement?0 -
On a fully-funded 123 with £20K in it, the monthly interest is circa £25 and then there's the fixed monthly fee of £5 deducted, which could perhaps appear to the unwary as being tax by virtue of it being almost exactly 20%?0
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