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savings
peachy1969
Posts: 1 Newbie
Hi
Im New To This Site Im Wondering If Anyone Can Help Me.
My Mum has had savings in some place or another for ten years she has now with drawn this money and only got back what she put in
My Mother has been told she will be taxed on this is there anyway she can avoid this tax payment.
if anymore info is needed please let me know
Im New To This Site Im Wondering If Anyone Can Help Me.
My Mum has had savings in some place or another for ten years she has now with drawn this money and only got back what she put in
My Mother has been told she will be taxed on this is there anyway she can avoid this tax payment.
if anymore info is needed please let me know
0
Comments
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It's a bit confusing that she only got back what she put in. Was it some kind of investment product rather than a savings account?
If it was a savings account she should only be taxed on the income.“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0 -
Told by who? Sounds very strange. Tax is only payable on interest earned on savings (not the original capital), or on profit (eg on a share that increases in value.
Tell us where the money was saved (or invested?); who with? what product? Who is telling here she needs to pay tax?
Without more information it's difficult to advise.0 -
Need much more information to give you advice, sorry.0
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