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Posted Mon, 10 Apr 2023 10:29:52 GMT by
Hi, We have 20ish households on a private road. We maintain the road itself via everyone contributing an agreed annual amount into a community bank account. The biggest expense by far is resurfacing. This only happens perhaps once every 10-20 years but as a community we agreed it was fair to build up a fund over the years. We have the option to put some of that money into a savings account. However, we would like to understand if we are personally liable for any tax on that interest.
Posted Tue, 18 Apr 2023 12:14:12 GMT by HMRC Admin 32
Hi,

The account would need to be in the name of an individual in order for you to be taxed on the interest received. As a community group this should not be the case.

Thank you. 

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