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| *Loan,banking and credit>>>tax accounting |
If you open a savings account. do you pay tax on the interest earned? or the actual sum of money? |
If you open a savings account. do you pay tax on the interest earned? or the actual sum of money? It depends on the account as to whether you pay tax or not. If you have an Individual Savings Account (ISA), you won't pay tax. Any other UK based account, you will have to pay tax on any interest earned. For more info on ISAs, this link is useful --> http://www.moneytowers.com/2006/savings-... For more info on general savings accounts, this link is useful --> http://www.moneytowers.com/2006/savings-... Source(s): http://www.moneytowers.com/ Only the interest. If the money was earned income, you have already paid the taxes on it or you will. The actual sum of money is not reported to anyone. no, the interest earned. the money was already taxed when you earned it..the interest is treated as income. I would guess interest earned. You only have to account for the actual some of money. Only the interest if you are a tax payer. If you don't pay tax, i.e not working or retired then you can get the interest paid in full to you and pay no tax. Just ask for a form from your savings provider. Only on the interest. Unless it is a tax free account, or you aren't a taxapayer (i.e. at school/university) where you can make a tax declaration so you get interest paid gross - I think it is a form R85. |
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