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.
Tax on interest and penalty payments
RG2015
Posts: 5,967 Forumite
in Cutting tax
If an early withdrawal is made from a fixed term savings account can penalty payments be offset for income tax purposes?
0
Comments
-
I don't think so. You are just paying a penalty to close early and that penalty just happens to be calculated by reference to x months interest or whatever.0
-
Thanks Tom99,I don't think so. You are just paying a penalty to close early and that penalty just happens to be calculated by reference to x months interest or whatever.
That's what I thought but I cannot find any information from HMRC. Is it just a question of (obvious) interpretation or does anyone have any definitive evidence?0 -
This discussion has been closed.
Categories
- All Categories
- 347.2K Banking & Borrowing
- 251.6K Reduce Debt & Boost Income
- 451.8K Spending & Discounts
- 239.5K Work, Benefits & Business
- 615.3K Mortgages, Homes & Bills
- 175.1K Life & Family
- 252.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards