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Lloyds TSB current account interest
beniamino
Posts: 56
Forumite
I have a Lloyds TSB "classic account with plus". On the first of every month, I get two interest payments -- one 'INTEREST (GROSS)' and one 'INTEREST (NET)'. The net is always 80% of the gross.
It seems to me that they might be paying me interest twice by mistake. As far as I know, they should only pay me interest net (I am a basic rate taxpayer). Is the gross payment a mistake, or am I misinterpreting this?
Thanks!
Ben
It seems to me that they might be paying me interest twice by mistake. As far as I know, they should only pay me interest net (I am a basic rate taxpayer). Is the gross payment a mistake, or am I misinterpreting this?
Thanks!
Ben
0
Comments
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Also, looking back through my statements, this has been happening for at least 5 years. If it's a mistake, am I liable to pay back the interest for the whole time I've had the account (20 years)? If so, I'm afraid to tell Lloyds it's happening.0
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Is it a joint account, as it could be gross interest for one holder, and taxed for the other.0
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Ah! Yes, it is a joint account so that solves part of the mystery -- but neither of us is eligible for gross interest.0
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