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When the interest rates were very low for years like you said, I put in a fixed saving account for 5 years.
And receiving the interest of about £2500 over 5 years, thinking it is only £500 per year for each year of the Personal Saving Allowance of £1k per annum.
Wrong!
I was allowed £1k tax free and the rest was taxed by HMRC. Nobody told us that we should withdraw interest every
year to avoid income tax until too late.
This can still happen to people fixing their Saving years and withdrawing interest in the end thinking of compound interests will be tax free. No, Very annoying!
Carl please tell people that esp. with bigger fixed saving earning bigger than £1k interest per year for Basic Tax payers.
It still hurts.
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歡迎評論~
