penguinhat

I guess it will count for next years tax allowance?

I put some money into a fixed rate 12 month interest account in September 2022. This means it matures in September 2023, at which point I will have access to the money and the interest. My question is, will ALL of the interest made in this account count towards my tax allowance for next year (since that is when it will be paid to me), or will it be split between this tax year and next tax year (since it is being earned 6 months in each tax year)? Thank you!

Just a question about something I am a little unsure of. I am basic rate tax band, so I have an allowance of £1000 savings interest (without paying tax). Is that a total for the tax year (April to April)? In other words, if I earned zero in interest from April 2022 until October 2022, but then earned £750 - £1000 in interest in the remaining six months until April 2023 (meaning an annual rate of £1500 - £2000) would that mean I would still pay no tax? Would my tax code remain unchanged for the following tax year? It seems obvious that it wouldn't change, since I am within the £1000 allowance for the year - I'm just aware that the monthly amount I would be making would make it appear that I would be over £1000 for the following year. Hopefully that makes sense! Thanks for any response!