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Natwest Adapt Account and Paying Tax
luke_pa
Posts: 43 Forumite
Hello, i have a Natwest adapt account and i have just turned 16 so does this mean i will start to pay tax on my money? Do i pay tax on my money or on the intrest i gain, if so what is the percentage?
Ive looked on their site but cant find a thing lol
Thanks
Luke
Ive looked on their site but cant find a thing lol
Thanks
Luke
0
Comments
-
Welcome to MSE.
You get 1% interest on the adapt account. If you don't have a part time job or other income that takes you over your personal allowance (£8,105) then you can fill in and give to your bank an R85 which gives you the interest without tax taken off
.
However it is probably worth opening a separate savings account and filling in an R85 for that as then you can get around 3% 0 -
Or get an ISA and get paid even more
I don't pay tax on the Adapt account 0
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