Credit Union

[peterbaz]

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

[bhg481]

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.

[ubasses]

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.

[Ric.ror]

Hang on - they don't tax Premium Bonds do they?

[bednobs]

you don't get interest on premium bonds

[ubasses]

All Premium Bond Prizes (not interest) are tax free.

[peterbaz]

thanks for all the advice guys .... thank you