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What is gross interest - IceSave

funkey_monkey
funkey_monkey Posts: 398 Forumite
Part of the Furniture 100 Posts Name Dropper Combo Breaker
in Savings & investments
Hi,

I'm in the middle of applying for an IceSave account and its asked me if I want to register for Gross interest.

I think Gross interest applies to people who earn under a certain amount per year.

Is this correct? I earn £25k so I'm guessing I don't want this...?


Thanks.

Comments

  • Aegis
    Aegis Posts: 5,695 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    No, you definitely don't. You'd have to be on about 20% of your salary in order to qualify!
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • tradetime
    tradetime Posts: 3,200 Forumite
    funkey_monkey wrote: »
    Hi,

    I'm in the middle of applying for an IceSave account and its asked me if I want to register for Gross interest.

    I think Gross interest applies to people who earn under a certain amount per year.

    Is this correct? I earn £25k so I'm guessing I don't want this...?


    Thanks.
    Gross interest option is for people who are entitled to earn interest free of tax, an R85, I think is the form for that, but if you ordinarily pay tax in the UK you do not need this.
    Hope for the best.....Plan for the worst!

    "Never in the history of the world has there been a situation so bad that the government can't make it worse." Unknown
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