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Taxman
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Scp1975
Posts: 1 Newbie
If we assume in some cases it's better having savings in a current account, how do we know if the savings are getting taxed at 20 or 40 percent?
0
Comments
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It will show up on your bank statement.
It should show 20% deducted at source and if you are a 40% taxpayer you have to pay the extra to HMRC.0 -
If we assume in some cases it's better having savings in a current account, how do we know if the savings are getting taxed at 20 or 40 percent?
Savings are never taxed at 40%, only ever at 20% or tax free.
If you are a higher rate taxpayer it's your responsibility to declare any income.Remember the saying: if it looks too good to be true it almost certainly is.0
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