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Savings account tax

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libra10
libra10 Posts: 19,577 Forumite
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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

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  • jem16
    jem16 Posts: 19,587 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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
    libra10 Posts: 19,577 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Thanks very much for information Jem, very much appreciated.

    Merry Christmas
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