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Higher Rate Tax Payer interest rate difference
ThePirates
Posts: 497
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
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Compare the tax free rate with 0.6 * the taxed rate (100% - 40% = 60%)3
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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
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