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Where Taxpayers and Advisers Meet

Compound Interest query

Ellie10
Posts:17
Joined:Thu Jan 25, 2018 1:58 pm
Compound Interest query

Postby Ellie10 » Sat May 28, 2022 1:15 pm

Hi
I have a private investment which pays interest annually with option to auto roll the capital and the interest each year. Each year, I get a new contract for the new total.

When should tax be declared on this? Each year or at the end of the 5 years that I plan to compound it for?


Thanks.

Jholm
Posts:360
Joined:Mon Mar 11, 2019 4:22 pm

Re: Compound Interest query

Postby Jholm » Mon May 30, 2022 3:42 pm

Almost certainly annually.

You should get an annual statement showing all income generated in each tax year.


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