We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Tax on current account

WaxiesDargle
WaxiesDargle Posts: 1,062 Forumite
in Savings & investments
I have just moved £18000 from my Halifax ISA to the Santander 123 account... Does the tax come out before the interest is paid or do I have to declare this to HMRC?

Cheers

Comments

  • jimjames
    jimjames Posts: 18,933 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Depends if you're a higher rate taxpayer or not.

    Basic rate tax deducted already so you only need to declare if you're paying at higher rate.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • WaxiesDargle
    WaxiesDargle Posts: 1,062 Forumite
    Thanks Jim
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.4K Banking & Borrowing
  • 253.7K Reduce Debt & Boost Income
  • 454.4K Spending & Discounts
  • 245.4K Work, Benefits & Business
  • 601.2K Mortgages, Homes & Bills
  • 177.6K Life & Family
  • 259.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture