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Interest received - was it taxed or untaxed?
UKSBD
Posts: 842 Forumite
I received about £160 interest on a Club Lloyds account
April 2016 - 2017
On my tax return does this go in the "Untaxed UK Interest - accounts that have not been taxed" box" or the "taxed UK Interest" box?
Was it April 2015 that the tax on interest changed?
TIA
April 2016 - 2017
On my tax return does this go in the "Untaxed UK Interest - accounts that have not been taxed" box" or the "taxed UK Interest" box?
Was it April 2015 that the tax on interest changed?
TIA
0
Comments
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If you log into your account and go to messages you should have a tax statement from them. Mine arrived 28th April.
Gross Interest Paid (no tax deducted) £72.85
Mine states that no tax was deducted.0 -
Dont know that particular account but if it was really interest then no tax should have been deducted but if it was a reward such as the Halifax account then tax could have been deducted (because it wasn't actually interest and would need to go in a different part of your tax return).0
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So being as you had roughly 8 months at 4% AER (£5K x 4% / 12 x 8 = £133) and roughly 4 months at 2% AER (£5K x 2% / 12 x 4 = £33) - total £166 based on max £5K interest earning balance, it should be clear it was untaxed...if it was taxed it'd be 20% less at £133.I received about £160 interest on a Club Lloyds account
April 2016 - 2017
See above.On my tax return does this go in the "Untaxed UK Interest - accounts that have not been taxed" box" or the "taxed UK Interest" box?
No. Only one more guess allowed.Was it April 2015 that the tax on interest changed?
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YorkshireBoy wrote: »No. Only one more guess allowed.
April 2016?
(that's what I actually meant in my OP)0 -
Or if you look at the statements for 2016/17 it says 'interest (gross)..'0
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Mine hasn't arrived yet so best not to assume that everyone gets them at the same time!
Neither have mine, latest message I have is from June 2016.
(plus an invitation to service review in September)
Looking back, previous annual summary notifications came on;
10th April 2015, 11th April 2016 - any idea why this years hasn't arrived yet?0 -
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