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Tax on savings interest under PAYE
Monanore
Posts: 90 Forumite
How should a PAYE taxpayer deal with the fact that HMRC charge tax on savings interest on fixed bonds which cannot be accessed until the end of the term using the figures supplied to them in each year of an bond by the institutions – i.e. amounts ‘paid or credited’ as per the BBSI return rules - which is in contradiction to the SAIM rules saying interest should be notified and taxed in the final year ?
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Comments
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Do nothing, if you get taxed annually then so be it. It's only really an issue if you self assess.0
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There are currently several high paying options that credit all of the interest at maturity if that is what you are looking for, and lots of options that pay interest away annually if you want to be taxed annually. With these options there is no discrepancy between what HMRC assume and a taxpayer's actual liability.
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