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Posted Fri, 09 Aug 2024 05:51:28 GMT by John Turner
A few years ago I gave a loan to a family member with interest agreed. Now that the loan has been repaid with interest, how much tax will I pay on the interest? What is the tax rate on the interest in this situation.
Posted Tue, 20 Aug 2024 14:29:30 GMT by HMRC Admin 17 Response


Hi ,
 
This depends on the amount of interest received and your level of income.

Whilst not savings interest, it is taxed in the same principle -see :

Tax on savings interest .

Thank you .

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