Savings tax allowance - clarification query

polymaff

CashSaver48 wrote: »

Thanks.
The Account sent me through a summary of the year letter, so details are included there.

NO NO NO!

I've been trying for years to get the providers to stop sending annual statements - which are rarely aligned to the tax year. I've had some success, but most still send out these seriously misleading trash documents based on random dates.

Check if the one you have is tax-year-aligned. If not, get what I suggested.

CashSaver48

polymaff wrote: »

NO NO NO!

I've been trying for years to get the providers to stop sending annual statements - which are rarely aligned to the tax year. I've had some success, but most still send out these seriously misleading trash documents based on random dates.

Check if the one you have is tax-year-aligned. If not, get what I suggested.

ok, thanks for the info. I will check that and get back to you.

Thanks again for the help, it is truly appreciated.

[Deleted User]

polymaff wrote: »

No. As I wrote, you must report by tax year.

August to August splits over two tax years

Forgive me if I misunderstood something here, but I think you may be misleading and confusing the OP.

If I understand the situation correctly, the OP put a sum of money in a savings account in Aug 2017. In Aug 2018 (he makes reference that he just received interest), he receives the interest after 1 year. This is not to say that the interest is split over 2 tax years. In fact, it is interest received in Aug 2018 in the 18-19 tax year - therefore declarable in 19-20 tax year.

polymaff

Depends how you interpret "got back". You want to interpret it as "received" - and you've built your entire post on that assumption being true. I've decided to give the OP the basic principles he should apply this time - and next time, too.

"Give a man a fish ..."

[Deleted User]

polymaff wrote: »

Depends how you interpret "got back". You want to interpret it as "received" - and you've built your entire post on that assumption being true. I've decided to give the OP the basic principles he should apply this time - and next time, too.

"Give a man a fish ..."

The actual OP's comment is 'This has yielded around 1.6K over the last year, which i got back last week.'

Hmmm.... let me think. No - not worth it. I give up!! How else would you interpret 'got back' if not received. But, I will agree with you regarding making an assumption - the only assumption I have made is that he invested the money in Aug 17 not whether got back means received. But if you want to nit-pick to argue black is white, I don't play that game. I just made a comment that in my opinion, you were going out of your way to be unneccessarily too pedantic.

CashSaver48

Hi Guys,

To clarify, I invested the money August 2017 and they returned my money with interest to my main back account this August 2018.

thanks