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peterbaz | 11:11 Thu 11th Feb 2016 | Business & Finance
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hi folks I recently opened a savings account with credit union on behalf of a syndicate our savings will total app £600 per month the account is in my name only (they trust me ) ive recently been told the tax man will be bringing out a new law and I could be taxed on any savings I have any comments and advice please
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Savings interest has always been taxed. In fact the taxman is relaxing the rules in the next financial year such that some interest can be earned before tax becomes payable (£1000, I think but happy to be corrected). This means things will be simpler for you next year than they are this year.
bhg481 is correct. The only problem will be if your personal savings generate more that £1000 interest, or the interest for your syndicate added to your own takes it over £1000. In this instance you would be liable to the tax on the the interest over £1000.
Hang on - they don't tax Premium Bonds do they?
you don't get interest on premium bonds
All Premium Bond Prizes (not interest) are tax free.
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thanks for all the advice guys .... thank you

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