We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 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!
Savings Interest
JBmoney
Posts: 31 Forumite
Sorry if this is a Homer moment but ... I currently pay 20% interest on my savings. Is this reducing to 18% for 2008-09. That is, is interest gained from savings regarded as subject to CGT ( more accurately is it termed CGT ) ?
Again, apologies.
Again, apologies.
0
Comments
-
No - interest on savings / earnings is Income Tax (continues at 20%). Capital Gains Tax applies to .....er ... capital gains (gains on Shares / 2nd properties etc .......and will be, in general, be 18%)If you want to test the depth of the water .........don't use both feet !0
-
Ta very much for that. Does anyone know why it is 20%. Why is there a stand-off between savers and borrowers ( in terms of interest rate ) ? Why no consideration to reducing savings tax rate to encourage a "more liquid" economy ? Surely the whole Nor. Rock debacle has highlighted the necessity for liquid resource ?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.6K Work, Benefits & Business
- 600K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards