Tony Ingleton
Joined: 1/3/2023
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Interest paid as 'bonus'
Chip has a on-line savings account that pays a monthly bonus rather that interest - a specific term on the account. I am assuming that this is treated as interest for tax purposes because: 1. It is entirely dependent on the account balance 2. It is paid regularly (monthly) 3. It has a defined contractual rate 4. It is income not a return of capital Please could someone confirm? Thanks!