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Income from interest on savings- Income tax
sleepymans
Posts: 912 Forumite
in Cutting tax
When I am calculating the amount of interest I have received in any given tax year, do I include the interest earned at the date it is paid or for the April-March period?
e.g. one or two of my building society accounts pay me the interest on the anniversary of the date the account was opened e.g. 23rd August.
Do I have to try to calculate what intereset was "earned" in the tax year or paid to me in the tax year?
I hope I have explained that accurately!
e.g. one or two of my building society accounts pay me the interest on the anniversary of the date the account was opened e.g. 23rd August.
Do I have to try to calculate what intereset was "earned" in the tax year or paid to me in the tax year?
I hope I have explained that accurately!
:A Goddess :A
0
Comments
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You pay tax in the year that the interest is paid. There is no accrual basis in personal tax.0
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