because you then have to declare it for tax purposes
and then it gets more complicated
( the mighty badger Aphrodite, on a bar stool, by your side, Mon 9 Jan 2012, 9:57, 1 reply, 14 years ago)

Oh, is this like if it takes someone over from one threshold into another?

( G/PP 💩💩💩💩💩&#128, Mon 9 Jan 2012, 10:00, Reply)

Let's say it's £100, how much do you think I'd get? It didn't tell me what rates it was.

( G/PP 💩💩💩💩💩&#128, Mon 9 Jan 2012, 10:00, Reply)

22p

( Naked Ape call me Caitlyn, Mon 9 Jan 2012, 10:01, Reply)

nice dubs

( G/PP 💩💩💩💩💩&#128, Mon 9 Jan 2012, 10:02, Reply)

Just trouser it and don't worry. Put it into a savings account, that way you will pay some tax on it.

(Set your faces to Stunned Bigly, Mon 9 Jan 2012, 10:06, Reply)

This man speaks the truth.
I'm not saying you shouldn't trouser it, I'm only pointing out why they asked.
( the mighty badger Aphrodite, on a bar stool, by your side, Mon 9 Jan 2012, 10:07, Reply)

you'll get no more than 0.5%
so 50p per 100 quid per year I imagine.
( the mighty badger Aphrodite, on a bar stool, by your side, Mon 9 Jan 2012, 10:03, Reply)

So that'll be £2.50 for 5 years?

( G/PP 💩💩💩💩💩&#128, Mon 9 Jan 2012, 10:05, Reply)

Or is it one of those things where it's
Year1: £100.50
Year2: 0.5% of £100.50
Year3: 0.5% of 0.5% of £100.50
....etc....
( G/PP 💩💩💩💩💩&#128, Mon 9 Jan 2012, 10:06, Reply)

no
it's because you've earnt money (the interest) and you have to pay tax on it. If it's in a savings account, the bank does it for you. But since it's not, you'll have to pay it, which means you'll have to start doing tax returns. If you already do one, no worries, but if you don't, it might not be worth the couple of hundred quid interest to then have to fill in a full tax return every year for the rest of your life (well, the ten years until they realise you don't need to again)
( the mighty badger Aphrodite, on a bar stool, by your side, Mon 9 Jan 2012, 10:02, Reply)

I have to do my tax every year anyway, so that's cool.

( G/PP 💩💩💩💩💩&#128, Mon 9 Jan 2012, 10:07, Reply)