Cheltenham & Gloucester - Offshore rates

Ifty_2

Cheltenham & Gloucester - Offshore rates

On the above, you would still need to pay 15% tax on savings up to 2008 then this goes up to 20% thereafter, but is there anything similar to this in the UK that pays more?

The reason for asking is that I’ll have a sum of £50k to put into a ‘robust’ bank that pays the max interest in March.

Any other suggestions appreciated.

Thankyou,

Ifty

tom188

Ifty wrote:

Cheltenham & Gloucester - Offshore rates

On the above, you would still need to pay 15% tax on savings up to 2008 then this goes up to 20% thereafter, but is there anything similar to this in the UK that pays more?

The reason for asking is that I’ll have a sum of £50k to put into a ‘robust’ bank that pays the max interest in March.

Any other suggestions appreciated.

Thankyou,

Ifty

If you are a UK resident you will have to pay the same tax on your savings whether they are offshore or not.

Contrary to the misguided popular belief people need to declare offshore income on their tax return just like all other income and it is not tax free.

If you are not UK resident the situation is different.

Hence if you are a UK resident compare the rates with what you can get onshore. Normally the difference will be slight with offshore being the lower.