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Posted Fri, 20 Dec 2024 14:30:39 GMT by Mark Gray
Hi - my mother-in-law opened a 1yr fixed rate bond in Nov 2023 that matured in Nov 2024. The bond paid roughly 5% that equates to just less than £5k in interest. Given the bond was taken out in 2023 and the Capital Gains thresholds changed part way through 2024, how can I check if capital gains tax is now due. Her other taxable incomes (state + spouse pensions) came to just over £32k/yr. Thanks
Posted Wed, 08 Jan 2025 10:17:06 GMT by Mark Gray
hi - is it possible to get a response please, as I don't know if we need to notify HMRC re. the interest received.
Posted Wed, 08 Jan 2025 11:50:40 GMT by Clive Smaldon
Not HMRC...this appears to be a fixed interest account, liable to income tax, not capital gains tax and would be liable to tax at her highest rate of income tax after her annual interest allowance.
Posted Thu, 09 Jan 2025 14:11:31 GMT by HMRC Admin 20 Response
Hi Mark,
This is not liable to capital gains as it is interest. the interest is liable in the year the bond matures.
Thank you.

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