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Will >£1000 interest mean I have to do a full tax-return?

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Comments

  • darkidoe
    darkidoe Posts: 1,129 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    Sounds like the value of High Interest Current Accounts is dropping further with this claw back in tax on interest...

    Save 12K in 2020 # 38 £0/£20,000
  • Eco_Miser
    Eco_Miser Posts: 4,929 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    darkidoe wrote: »
    Sounds like the value of High Interest Current Accounts is dropping further with this claw back in tax on interest...
    What claw-back?
    In previous years tax was deducted at source and non-taxpayers had to fill in forms; now non-taxpayers don't have to do anything, nor do those taxpayers whose interest is covered by their allowance; the rest need to notify HMRC and pay the tax due, but most of them are still £200 (20% of £1000 PSA) better off than they would have been under the previous system.
    Eco Miser
    Saving money for well over half a century
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