We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Higher Rate Tax Payer interest rate difference
ThePirates
Posts: 442 Forumite
I know this has been asked lots of times before but a search wouldn't find an answer, hopefully this thread title will aid people in the future!
What's the calculation to work out if a taxed rate savings account for a Higher Rate Tax Payer who's over their £500 allowance is better than a tax free rate?
What's the calculation to work out if a taxed rate savings account for a Higher Rate Tax Payer who's over their £500 allowance is better than a tax free rate?
0
Comments
-
Compare the tax free rate with 0.6 * the taxed rate (100% - 40% = 60%)3
-
Even if your taxed savings are earning more than the tax-free rate today, this might not be the case in 12 months time - by which point it'll be too late to put money into your 25/26 cash ISA.2
-
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.7K Work, Benefits & Business
- 603.1K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards