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Tax on fixed rate bond
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Out of interest where have you read that someone with total taxable income of £5,000 will pay tax on it 🤔ranciduk said:Excellent thanks guys
yep sorry I have asked this on another thread a while back
but I keep reading conflicting info on the internet!
plus, due to recent rises in interest rates, I’m gonna be earning more interest from bonds than I was expecting a few months back
appreciate your time and help 👍1 -
If you haven't already seen it, MSE's guide to 'Tax-free savings and the starting savings rate' explains things really well.ranciduk said:Excellent thanks guys
yep sorry I have asked this on another thread a while back
but I keep reading conflicting info on the internet!
https://www.moneysavingexpert.com/savings/tax-free-savings/
If you literally have no other income from a salary or a pension, then you can earn up to £18,570 without paying tax on your savings interest, however you do have to inform HMRC if that ever exceeds £10k.1
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