Savings account tax

libra10

Hoping this is the correct board.

I need gross and income paid figures of deposits in a bank account. I have the bank deposit figures and wondered how to work it out. Is the tax deducted for an ordinary rate tax payer 22%?

Therefore for a figure of £100 paid I would multiply by 22%, giving tax paid figure of £22 and gross amount of £122.

Any help much appreciated, thank you

jem16

Tax paid at source from the bank is 20%.

So take the net figure, divide it by 8 and multiply by 10 to get the gross figure.

libra10

Thanks very much for information Jem, very much appreciated.

Merry Christmas