Tax on Savings
I understand there is a £500 tax free interest allowance for those in the 40% tax bracket.
My wife has a 1 year fixed saving account that is due to pay annual interest on maturity in May 2024.
How does this work in terms of tax free interest allowance? Does the interest paid out in May 24 count towards her £500 allowance in tax year 23-24 or 24-25?
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