How does investment account interest work?

Author	Message
Written on: 02.11.2009 [17:21]
Riley Riley Topic creator Posts: 2	Does the government tax investment account interest differently to savings account interest? How much tax do you pay?
Written on: 12.11.2009 [12:19]
Wooton Wooton Posts: 2	Investment income is taxed, unless it's protected in a tax-free wrapper like an ISA. This is why tax-free savings accounts are well-subscribed Basically your total income is added together, and after a certain tax-free allowance has been deducted (your Personal Allowance), the rest is taxed at 20%. If you earn more than £37,400 you'll pay 40% tax... It's pretty cheeky!
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