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Posted Mon, 12 May 2025 00:33:21 GMT by Cain Lau
When a monthly bank statement is received, there is a credit interest for the depoist balance of the month. May I know the interest amount is before tax or after tax? When prepare submission of seft-assessment, the credit interest should be submitted in untaxed or taxed?
Posted Mon, 12 May 2025 11:16:29 GMT by Clive Smaldon
Not HMRC...its gross interest (no tax is deducted) and should be put in the untaxed interest box on the return. Some (very few) accounts are taxed at source (some accounts with investment managers/stockbrokers etc), most normal UK bank accounts are paid gross
Posted Tue, 13 May 2025 09:08:23 GMT by HMRC Admin 19 Response
Hi,
This amount is untaxed, and should be declared as untaxed interest on your tax return. You can read more on whether this savings interest will actually be subject to Income Tax here:
Tax on savings interest
Thank you.

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