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Can I offset current account charges on interest earned on self-assessment tax return?
JhoniBo
Posts: 1 Newbie
in Cutting tax
I have current accounts earning interest but I pay monthly fees (e.g. Santander 123, Lloyds, NatWest) - can I deduct the charges from the interest earned to reduce tax liability on self-assessment returns?
0
Comments
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No. Interest is declarable/taxable. Bank charges aren't an allowable expense.1
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