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Tax on regular saver interest
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Pablosammy
Posts: 566 Forumite
in Cutting tax
Hi all,
This may have been asked previously, but I'm struggling to find the info.
I've got a typical regular saver account with Santander that pays interest in a lump sum at the end of the 12 months, and it's approaching maturity. For tax purposes, is the interest paid taxable in the year it's credited, or can it be spread across the two tax years that I've been paying into the account? I'm getting close to my allowance and it might make a difference!
This may have been asked previously, but I'm struggling to find the info.
I've got a typical regular saver account with Santander that pays interest in a lump sum at the end of the 12 months, and it's approaching maturity. For tax purposes, is the interest paid taxable in the year it's credited, or can it be spread across the two tax years that I've been paying into the account? I'm getting close to my allowance and it might make a difference!
0
Comments
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It is when the interest is credited that it becomes taxable.0
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