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An Income Tax question.
ATF101
Posts: 54 Forumite
Can anyone assist please?
I need to know how interest on saving accounts is treated for income tax purposes.
Say I have a two year fixed rate saving account with the interest payable at the end of the term, say 2014. For tax purposes will the liability be spread over the two years or all on maturity in 2014.
I need to know how interest on saving accounts is treated for income tax purposes.
Say I have a two year fixed rate saving account with the interest payable at the end of the term, say 2014. For tax purposes will the liability be spread over the two years or all on maturity in 2014.
0
Comments
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If the interest is credited to the account annually, even though it cannot be withdrawn, then it counts for the year(s) in which it is credited.
If it is not credited until the maturity date, then it will all count for that year.0 -
jennifernil wrote: »If the interest is credited to the account annually, even though it cannot be withdrawn, then it counts for the year(s) in which it is credited.
If it is not credited until the maturity date, then it will all count for that year.
Thank you for your reply.
Now I need to check the T&C's of the savings account.
Regards,
ATF.0
This discussion has been closed.
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