Tax on Investment Payout

silentotter

I had an investment that matured last November and the interest it earned was paid to me gross. I am confused as to what tax I have o pay on it whether it is Capitol Gains or Income tax?

I got £33,000 in interest. If it is Capitol Gains at what rate d I pay it at and is there an allowance I can have with this before I have to pay tax.

Could someone please enlighten me as to what I should do. I have been waiting to sort this out since November online with HMRC as there wasn't a 12/13 tax return form on their system, does nyone know if there is now?

Thanks

Linton

silentotter wrote: »

I had an investment that matured last November and the interest it earned was paid to me gross. I am confused as to what tax I have o pay on it whether it is Capitol Gains or Income tax?

I got £33,000 in interest. If it is Capitol Gains at what rate d I pay it at and is there an allowance I can have with this before I have to pay tax.

Could someone please enlighten me as to what I should do. I have been waiting to sort this out since November online with HMRC as there wasn't a 12/13 tax return form on their system, does nyone know if there is now?

Thanks

Generally speaking "interest" is income. Gains from buying and selling are capital gains.

Perhaps you can tell us what the investment was and we can confirm that it really did provide interest, all paid in one year. It must have been pretty big to get £33K in interest. Interest on fixed term accounts is usually, but not always, credited and subject to tax annually.

gadgetmind

Deja vu all over again.

https://forums.moneysavingexpert.com/discussion/comment/57551845#Comment_57551845