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Posted Tue, 11 Jun 2024 10:00:41 GMT by Dave Boyle
Thanks for the answer. If the society gives members a choice as to whether they are paid interest in cash, or whether the amount is reinvested into share capital to be reclaimed later, does the interest need to be declared as received (because the member had a choice) or not declared (because they didn't actually get the cash)?
Posted Wed, 12 Jun 2024 13:47:10 GMT by HMRC Admin 10
As you have the choice, it is annually.
Posted Thu, 13 Jun 2024 16:24:43 GMT by HMRC Admin 20
Hi Dave,
As you have the choice, its declared annually.
Thank you.
Posted Thu, 13 Jun 2024 22:27:48 GMT by NR0000 0000
If interest is paid at maturity but compounded annually, does this affect the personal savings allowance yearly or at maturity?
Posted Fri, 14 Jun 2024 15:44:54 GMT by HMRC Admin 5
Hi NR0000 0000

As paid at maturity it will be the year it actually matures.


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