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Expected profits and tax on interest
PawelK
Posts: 400 Forumite
Hello.
I may have misread a gov.uk website but to me, it clearly says that tax applies to interest earned. Following this rule, does it mean the Sharia banks offering expected profits rather than interest are tax free income, just like Cash ISA or NS&I?
Thank you.
I may have misread a gov.uk website but to me, it clearly says that tax applies to interest earned. Following this rule, does it mean the Sharia banks offering expected profits rather than interest are tax free income, just like Cash ISA or NS&I?
Thank you.
0
Comments
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Hi, it is treated exactly the same as interest, for tax purposes.0
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As someone else said, to paraphrase you maybe able to pull the wool over Allahs eyes but not the tax man.NS&I are not tax free either specific products are, mainly Premium Bonds.1
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Tax applies to ALL income, not just interest - unless it specifically doesn't, like ISAs and certain NS&I products.
Eco Miser
Saving money for well over half a century0
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