DON'T FORGET - MEAF interest is taxable

The_Chemist_2

While highly delighted to get back IN FULL the MEAF I should not have been charged over 12 years ago AND accrued simple interest, I was reminded by the building society in question that the interest part is no different to any other interest income and is TAXABLE.

MEAF claims are eminently traceable so don't forget to declare any interest in your tax return.

Dan_Collins_2

To be fair, I dont think the interest on a MEAF is make the IR put you in jail. Although you have a point, assuming you claim interest that is, the actually MEAF cannot be taxable.

The_Chemist_2

You're right of course but I got about £125 in interest on the refunded MEAF which is the same as 5% p.a on a sum of £2500 in a savings account; and HMR&C would certainly expect you to declare that - BLESS THEM !.

nollag2006

Apologies for being obtuse - but what is MEAF?

KTF

Its the Mortgage Exit Administration Fee. This is normally a charge that you pay when you change mortgages but you can claim back the difference between the amount you were originally quoted and what you paid when you changed (assuming there is a difference).