Help settle a debate pls - at what point should someone declare compound interest?
Annually when statement received but obviously not the actual money - or all together at the end of the x number of years term when the investment is closed and they know they have the money safely in their bank?
I think the former, as apart from anything else surely they are setting themselves up for an even bigger tax bill after closure and declaring it all in one tax year. I am not privy to the actual figures but pretty sure it will be in excess of £50k interest in total over the term.
Thanks
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