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Posted Fri, 30 Dec 2022 12:53:39 GMT by Jethro
Hi I am employed and pay taxes through my employer. I have a fixed deposit (FD) maturing in Dec 2022. I am completing the self assessment for this year 21-22. Please help with these queries. 1. I read that if I pay taxes through my employer the bank informs the HMRC and therefore my tax code is updated. Does that mean I don't have to declare interest from my FD in my self assessment? 2. Should I pay taxes only if the interest is paid into my savings account? If the FD rolls over into another fixed term with interest accrued for the term, when do I pay the taxes? 3. Also do I pay taxes for interest till April 22 or since this FD matures today should I pay tax for the entire interest earned for the FD over the term in my next tax return in 2023? Thank you
Posted Thu, 05 Jan 2023 17:38:10 GMT by
Hi Jethro,

Please refer to guidance at:

Tax on savings interest


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