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Saving tax question
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Posts: 95 Forumite
How much tax do i pay on savings if the rate is 6.65% AER/Gross (yes it states both in that manner)? I know i should no this but i don't .
Thanks
G.
Thanks
G.
0
Comments
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The actual rate you will get if tax is deducted at source will be 5.32%. Aer and Gross will be the same when interest is added annually.How much tax do i pay on savings if the rate is 6.65% AER/Gross (yes it states both in that manner)? I know i should no this but i don't .
Thanks
G.
20% is deducted, if you are on low income you may get some back as the first £2000 odd is still taxed at 10% (savings interest only)0
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