Entering gross interest paid on Form 12 2009

[byrnefm]

Hi,

I was filling in the Form 12 today and noticed that for year 2009, the form asks how much gross interest you received which was taxed at 23% and how much was taxed at 25%.

However, my savings accounts don't show a breakdown - it simply states how much gross interest I received and how much tax I paid in total for 2009.

I was wondering how are you meant to determine how much tax you paid at both rates?

Thanks in advance...

 

[Graham_07]

Depending on when the interest was credited it might have sufferd either rate. If you divide the tax amount into the gross amount see what percentage results. If that comes out at either exactly 23% or 25% then that will tell you which rate was applied.

 

[byrnefm]

Thanks, Graham_07! I checked the taxed amounts and all worked out at exactly 25%. I thought the banks would work out the interest up to April and tax at 23% and then the rest at 25% but upon your advice, I see now that each was charged at exactly 25%.