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Tax on savings?
brooklyn07
Posts: 170 Forumite
I'm a bit confused about tax on savings...
I have used the full amount for my ISA this year so can't put anymore in there and i have a basic savings account that i have 8k in over this year.
The savings came from leftover wages that went through my bank account. Does this mean i'm going to be hit with a big tax bill in april for my savings in my normal savings account??
I have used the full amount for my ISA this year so can't put anymore in there and i have a basic savings account that i have 8k in over this year.
The savings came from leftover wages that went through my bank account. Does this mean i'm going to be hit with a big tax bill in april for my savings in my normal savings account??
0
Comments
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You pay tax on the interest, not on the whole 8K. It will be deducted automatically by the bank. If you are a higher rate taxpayer, you have to tell HMRC so they can take some more.0
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