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Expected profit tax treatment
iazcac
Posts: 97 Forumite
Quick question I can't find an answer to...do Sharia accounts (eg Al Rayan) that do not pay interest, but rather profit, contribute to personal savings allowance or not?
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Comments
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Call it what you want, its interest and you need to pay tax.
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It's treated as taxable interest.iazcac said:Quick question I can't find an answer to...do Sharia accounts (eg Al Rayan) that do not pay interest, but rather profit, contribute to personal savings allowance or not?
Whether the savings nil rate (aka Personal Savings Allowance) is relevant depends on whether the Personal Allowance and savings starter rate have been used.0
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