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Savings account and tax
PekingeseTwins
Posts: 1 Newbie
I have sold my property subject to contract. I am going into temporary accommodation when I complete. I have not yet put an offer on the table for a new property as nothing suitable has emerged.
I am likely to have to save between £400-£425,000.
Where is the best instant access account to hold these funds in, in between completion of my property and purchasing a new one?
Do you get taxed at some point on the whole amount (£400-£425,000) as income or do you only get taxed on the Interest earned?
I am likely to have to save between £400-£425,000.
Where is the best instant access account to hold these funds in, in between completion of my property and purchasing a new one?
Do you get taxed at some point on the whole amount (£400-£425,000) as income or do you only get taxed on the Interest earned?
0
Comments
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You only get taxed on the interest, not the capital.PekingeseTwins said:I have sold my property subject to contract. I am going into temporary accommodation when I complete. I have not yet put an offer on the table for a new property as nothing suitable has emerged.
I am likely to have to save between £400-£425,000.
Where is the best instant access account to hold these funds in, in between completion of my property and purchasing a new one?
Do you get taxed at some point on the whole amount (£400-£425,000) as income or do you only get taxed on the Interest earned?
How much tax will depend on the interest received and what other taxable income you have.
1
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