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Existing account and 2016 tax free savings allowance
jaik
Posts: 7 Forumite
Given the tax free savings allowance coming into effect in April 2016, and assuming my total interest earnt is within the allowance, I'm wondering about existing accounts.
If I open a savings account now that matures in 1 year (ie, after April 2016) and pays interest at that point, would I pay tax on some of the interest (ie, the interest accrued between now and April) or would it all be tax free?
If I open a savings account now that matures in 1 year (ie, after April 2016) and pays interest at that point, would I pay tax on some of the interest (ie, the interest accrued between now and April) or would it all be tax free?
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If I open a savings account now that matures in 1 year (ie, after April 2016) and pays interest at that point, would I pay tax on some of the interest (ie, the interest accrued between now and April) or would it all be tax free?
It's when the interest is paid so it would be tax free.0
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