I have read in the London Times that there are certain tax free savings accounts in some of the banks in United Kingdom. Since the article was really short and with little information related to the matter I decided to inquire more. It sounds to me as a fiction but on the other hand banks are always competing to gain more clients. Anybody informed about the matter? Thanks in advance.
The vast majority of building societies and banks in United Kingdom frequently take levy off your interest at 15 per cent before they pay it to you. That is a common procedure. However, if you do not have to pay taxes (in case you have low income) you might be able to index your account to receive the tax free interest; you can even claim some or entire amount of the taxes back depending on the case. You just have to complete certain forms which would provide bank with the necessary details. This rule can also be applied to rule applies also for the childrens accounts and joint accounts. Therefore, if you have low income or you are somehow freed from taxes, use this possibility as soon as you can.
