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Interest on savings
ARich0411
Posts: 3
Newbie
Hi...
Am wishing to seek thoughts and experiences with respect to paying interest on savings; the issue here is however that I have a one account whereby any savings I have offset the interest on the mortgage. So, in reality I only have one account yet I can set up virtual pots to clarify what money is allocated to what and hence some pots are labelled as savings. I have heard that the offset amounts are equivalent of interest earned so maybe liable for tax on the interest - yet until the one account is in credit, there is in theory no savings upon which interest can be charged.
Am seeking any experiences particularly regarding what the official line from the HMRC [unable to get through!]
Am wishing to seek thoughts and experiences with respect to paying interest on savings; the issue here is however that I have a one account whereby any savings I have offset the interest on the mortgage. So, in reality I only have one account yet I can set up virtual pots to clarify what money is allocated to what and hence some pots are labelled as savings. I have heard that the offset amounts are equivalent of interest earned so maybe liable for tax on the interest - yet until the one account is in credit, there is in theory no savings upon which interest can be charged.
Am seeking any experiences particularly regarding what the official line from the HMRC [unable to get through!]
0
Comments
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That's not how my offset mortgage works. Although my savings are in a 'savings' account, the 'interest' earnt is tax free, as the savings effectively reduce the debt.
Where have you heard you have to pay interest on it?I consider myself to be a male feminist. Is that allowed?1
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