Tesco new 1.35% rate (including bonus) Internet saver
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A lot of confused bunnies here.
The comments on AER are hilarious. Contradicting oneself in the same paragraph. Tis the season so I won't quote them to give you a chance to edit to save face.
TLDR version is go with monthly unless you want to influence the tax year as explained.It was not your confusion I found funny. You are the only one in recent exchanges without egg on your face. hoc and Malchester speak the truth and others are now trying to dig out finding caveats and weaseling out on semantics. It was the righteous one confusing you with contradictory comments which you exposed I found funny. We go from "why would you pick lower AER" to "monthly AER is lower but it works out the same if you don't withdraw".0 -
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The HMRC internal Savings and Investment Manual can now be found online. SAIM2440 states;
ITTOIA05/S370 provides that tax is charged on the full amount of interest arising in the tax year....Interest ‘arises’ when it is received or made available to the recipient. Interest has been made available if it is credited to an account on which the account holder is free to draw.
Interest: taxation of interest: when interest arises
https://www.gov.uk/hmrc-internal-manuals/savings-and-investment-manual/saim2440
P.S. ITTOIA05 is the Income Tax (Trading and Other Income) Act 2005.0 -
Thank you Ianmanc0
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