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Posted Wed, 31 Jan 2024 11:04:50 GMT by
Hi, I have money deposited using a saving platform. Charges are applied to the account for the use of the platform. Are these charges deductible when calculating the Taxable interest received each year. If I did not pay the charges i would not have access to the platform and so would not earn interest. There are no other benifits attached to the account- only the ability to access different banks savings accounts
Posted Fri, 02 Feb 2024 09:31:44 GMT by HMRC Admin 2

No, these cannot be deducted from the interest.

Thank you.
Posted Fri, 02 Feb 2024 09:37:13 GMT by
Hi, if use a different savings platform- which deducts their charges prior to paying the interest ie the interest rate is net of charges, should i then declare the net interest or do i need to request details of the charges and declare the gross amount
Posted Tue, 06 Feb 2024 12:32:55 GMT by HMRC Admin 5
Hi David Pearn

You would need to request details of the charges and add them on.  The fact you are paying the charges from the interest, does not reduce the interest received for tax purposes.

Thank you

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