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Bank interest - by CSR instead of auto
Hominu
Posts: 1,671 Forumite
I recently finished a fixed term savings account, but interest was not paid automatically.
After contacting a customer service rep they calculated the interest due and paid it into my account, along with compensation.
I now see that the transaction appears as "Deposit" rather than "Interest" and is for the full gross amount without tax taken off.
Where do I stand with this?
Since the transaction was marked 'Deposit' (the same as the compensation), should it have the usual tax taken off?
My plan was to wait until next April and see what it says on the "End of tax year" letter. If they don't include it on there as taxable interest, then I assume I don't have to pay tax on it. Correct?
That is, of course, unless I see a "Correction" on there before then
After contacting a customer service rep they calculated the interest due and paid it into my account, along with compensation.
I now see that the transaction appears as "Deposit" rather than "Interest" and is for the full gross amount without tax taken off.
Where do I stand with this?
Since the transaction was marked 'Deposit' (the same as the compensation), should it have the usual tax taken off?
My plan was to wait until next April and see what it says on the "End of tax year" letter. If they don't include it on there as taxable interest, then I assume I don't have to pay tax on it. Correct?
That is, of course, unless I see a "Correction" on there before then
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