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Jul
Tax will automatically be deducted at 20% by Barclays. If interest received pushes your total income into the Higher Rate (40%) tax bracket, you’ll have to complete an annual Tax Return, and pay the higher amount direct. No doubt Barclays can advise.
Answer:
If you plan to put a massive amount of money in the bank be prepared to be asked a variety of questions about where it came from as banks are always on the look out for potential money laundering activities. As you’ll anticipate to receive interest on your money it will be regarded as unearned income and tax will be deducted. The level of tax deducted will depend on your income, your tax allowances and the amount of interest earned.
Answer:
Only on the interest that Barclays pays on your money. Unless, that’s, you came by your massive amount of money by failing to pay income tax when it was due! Book Mark it-> del.icio.us | Reddit | Slashdot | Digg | Facebook | Technorati | Google | StumbleUpon | Window Live | Tailrank | Furl | Netscape | Yahoo | BlinkList
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on Wednesday, July 16th, 2008 at 2:36 pm and is filed under Taxes.
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