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Posted Thu, 03 Nov 2022 20:17:44 GMT by Eva
Hi If I have saved the money in an account, and the Interest will be paid after a year(Oct 2023), for example , if I receive a lump sum bank interest (£2000 ) in Oct 2023. Should I charge the total £2000 in the tax year 23/24 , or do I need to do calculation on my self and divided the bank interest by the number of 12 , so £166.66 is assumed to be received per month, and I only need to declare 6 month of bank interest on tax year 22/23 which is (£1000 ) and 6 month on tax year 23/24 (£1000 ) ?
Posted Fri, 04 Nov 2022 14:23:35 GMT by HMRC Admin 10
The income is assessed in the year that it is paid.
If it is all paid in October 2023, it will all be assessed during 23/24.

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