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Tax on savings
Pat38493
Posts: 3,532 Forumite
Question on the tax on savings accounts - if I am a taxpayer higher rate, and in the future I have multiple savings accounts which each earn interest less than £1000 but the total interest across all them is more than £500, I understood from a bit of googling that the interest would be paid gross?
However this means I would owe tax - do I have to fill in a tax return for that or how does it work?
However this means I would owe tax - do I have to fill in a tax return for that or how does it work?
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Comments
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Savings interest is always paid gross, and if the end result is a tax liability then HMRC will receive the details from the relevant providers and adjust your tax code to collect the unpaid arrears.1
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