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  • Interest Tax and Tax Band

    Hi there, If I have an annual income of 60,000GBP and gained annual saving interests of 1,500GBP, could you kindly advise if I should pay interest tax as the following: a) I belong to higher tax band, so my interest allowance is 500GBP, then I have to pay interest tax of the remaining 1,000GBP b) then I need to pay interest tax= 1,000GBP x 40%?
  • Interest Tax

    Dear Sir, If I have interest generated from a time deposit from Jun 2022 to Jun 2023 and my interest will deposit in my account in July 2023, are these interests will need to be reported under Tax year 2023/24? Besides, if this interest is paid in USD, how can I know the exchange rate from USD to GBP? Thanks! Rgds, Mcpan