HALIFAX international saver tax help

valleysaver

Hello I wonder if anyone could enlighten me, I have never saved my money offshore and have just opened the Halifax international saver account. I need to clarify the situation with the Tax declaration, I have read this statement in the terms about retention tax which follows;

2. Retention Tax
(sometimes referred to as ‘Withholding Tax’)
If you select Retention Tax we will automatically deduct tax from
the interest received on your account(s). The Retention Tax is to be
set initially at 15% of your interest received. From the 1st July 2008,
the Retention Tax will be set at 20% and from the 1st July 2011 the
Retention Tax will be set at 35%.


I am a basic rate payer so will I have to declare anything to the inland revenue at the end of the tax year? and if I have to declare anything will this be in april (end of tax year) or once my savings finished?

Thank you very much if you can reply to this :A

Cook_County

You declare 100% of the interest on your UK tax return & the UK gives you credit for 100% of the EUSTD withholding...

It is not complicated.

Whether the risk of investing offshore is worthwhile is a different question...

[Deleted User]

You would do better using the best UK products.

jdavtz

Yant1 wrote: »

You would do better using the best UK products.

"do better" how exactly?

valleysaver

Thank you that has cleared that up.

Regards valleysaver