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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4082
Experience:  FCCA FCMA CGMA ACIS
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How much tax would you pay on savings of £456,732.pp

Customer Question

How much tax would you pay on savings of £456,732.pp
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.
Hello, I'm Keith and happy to help you with your question.

Before I can help you I need to know in what type of savings is this sum invested?
Customer: replied 3 years ago.
Its a easy access on line savings account
Expert:  bigduckontax replied 3 years ago.
Right what is the value of the interest annually?
Customer: replied 3 years ago.
Fourteen hundread pounds
Expert:  bigduckontax replied 3 years ago.
Taxed at 20% = GBP 280. So the tax on that would be GBP 280. If you have no other source of income and are entitled to a personal allowance then there would be no tax due at all.
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 3 years ago.
Thank you for your support.