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Tax on savings Accounts and FD interest

Posted Tue, 26 Dec 2023 15:10:49 GMT by
Being a higher rate band my understanding is I have a £1000 tax free savings allowance followed by 40% tax on any remaining interest earned, is this correct?
HMRC Admin 5 Response
Posted Mon, 08 Jan 2024 12:58:06 GMT by HMRC Admin 5 Response
Hi

No. If you are a higher rate taxpayer, the savings allowance is only £500 - Tax on savings interest

Thank you

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