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Bank Current account FEE

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I pay fees to get increased interest on some Current accounts
The Interest then has Tax deducted at 20%
Can I offset the FEE against TAX on my Self Assessment Tax return?
I am a newbie so apologies if this is a dumb question or in the wrong place!

Comments

  • antrobus
    antrobus Posts: 17,386 Forumite
    wackers wrote: »
    ...Can I offset the FEE against TAX on my Self Assessment Tax return?....

    Sadly, no.
  • zygurat789
    zygurat789 Posts: 4,263 Forumite
    Part of the Furniture Combo Breaker
    wackers wrote: »
    I pay fees to get increased interest on some Current accounts
    The Interest then has Tax deducted at 20%
    Can I offset the FEE against TAX on my Self Assessment Tax return?
    I am a newbie so apologies if this is a dumb question or in the wrong place!

    I remember well, early one April, being 1 shilling short in my pay packet. We all have to start to learn about tax somewhere.
    The only thing that is constant is change.
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    You can't do anything about the fee, but if your earnings happened to be at the right level you could end up paying 10% tax on your interest rather than 20% (and it'll be zero from this year), but it only applies to a relatively small proportion of people.
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