Self Assessment

1socrates1

Hi,

When I have to fill out my self assessment do I have to mention the money I had in a fixed term bond even if the interest was paid net?

Thanks

chrismac1

Yes. The interest is paid net of basic rate tax. But if your total income puts you into a higher tax bracket - 40%, 60%, or 50% - there is more tax to pay on the bond. This is completely different to an ISA - these can be left out of the tax return altogether unless you've invested over the tax-free limit.

1socrates1

Thanks for your response.