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Beginners Question On Tax On Savings


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Hi all. Apologies for asking such a basic question but...

My STR fund is sitting in various accounts in my wife's name as she doesn't work. Some of it is in 6 month fixed rate accounts which mature in June with their payout occuring on maturity. Is any tax liable on the interest solely payable in the tax year 09/10 or is half liable in tax year 08/09 and half in 09/10? Basically is tax liable for when the interest is paid or when the interest was earned?

Many thanks.

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Hi all. Apologies for asking such a basic question but...

My STR fund is sitting in various accounts in my wife's name as she doesn't work. Some of it is in 6 month fixed rate accounts which mature in June with their payout occuring on maturity. Is any tax liable on the interest solely payable in the tax year 09/10 or is half liable in tax year 08/09 and half in 09/10? Basically is tax liable for when the interest is paid or when the interest was earned?

Many thanks.

The date on which interest is paid............so June 2009 interest is in tax year ending 5th April 2010, and if this is your wife's only income she could claim a rebate for interest up to the persinal allowance.......around £6000.

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The date on which interest is paid............so June 2009 interest is in tax year ending 5th April 2010, and if this is your wife's only income she could claim a rebate for interest up to the persinal allowance.......around £6000.

Thanks for that. She doesn't work but the interest is enough to make her a tax payer.

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