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  • Tax relief for premature closure of fixed deposit

    Hello, I have a fixed deposit that was opened in the year 2018 and maturity date in 2028 at an interest rate of 6% per annum. I have been paying tax on the interest income on arising basis although interest was never withdrawn from the account. As per the deposit terms, penalty for premature closure is 0.5% for the full tenure of the deposit. I have chosen to close the deposit now, so effectively I was paid only 5.5% from the year 2018 onwards. But I have paid tax on the basis that my interest income would be 6%. Can I claim back the excess tax paid ? This is similar to example 2 on here but it does not mention anything about tax relief or claiming back excess tax when income is reduced on withdrawal: Thanks, Rakesh
  • Are outward remittances for family support considered gifts ?

    I am a UK tax resident. I want to send money to my parents (and/or brother) in India for family support. I want to know whether there is a limit on how much I can remit in an year. Is this considered under gifts and subject to £3000 annual allowance ?