Bank Current account FEE

wackers

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!

antrobus

wackers wrote: »

...Can I offset the FEE against TAX on my Self Assessment Tax return?....

Sadly, no.

zygurat789

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.

agrinnall

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.