Bank Interest and Taxation

[fach3003]

Hi all,

Just been looking over this out of interest...Boom Boom.
Anyone any good with some financial info...
Im abit naive...well never needed to know
Just wanting to know without my head spinning
what to expect...with taxation on savings interest

From what i gather after roughly the first 2.5K@10%
the percentage is 20% its taken away before i see it
and 40% over 34.6K....doesnt leave alot left...

Have i picked this up right....

Was hoping to fund my retirement at 37!
from interest.....but if the above is right

Look like its rice soup and fish sauce!!!!

Dazed and confused

Regards!

[Governor]

Are you talking about interest on savings and tax in the UK?

If so it's not that straight forward, there are many things to take into account. You might still get your personal allowance of a little over £5k, though the rules on this changed in the last budget, the 10% level was abolished to reduce the standard rate to 20%, and depending on where you are domociled and how much time you spend in the UK you might be better off with an offshore account. You would still be liable to tax somewhere.

I'm sure there are many experts who may be able to give you detailed advice but you need to factor in inflation and exchange rates.

Good luck.

[fach3003]

Cheers....I certainly need to look into it abit more thanks for the advice

[Randy Cornhole]

I'm green myself, but I am looking at an off shore account with the bank of Scotland, giving a rate of around 5.75 percent with no tax, which seems to be pretty good. With instant access to your money. I have the number and a contact, if your interested, pm me......

[fach3003]

Hi RC PM'd you already...Cheers