Saving tax question

Printer

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.

nilrem_2

Printer wrote: »

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.

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.

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)