Tax On Cash Savings?

[Blatter]

If we sell one or more of our rental properties we will obviously have to pay CGT on the proceeds.

If we then place the proceeds into Cash Savings Accounts am I correct in thinking that we will subsequently only be liable for tax on the interest earned on the savings and will not have to pay any tax on drawings made from the Cash Savings Accounts as we've already paid tax at the point of property sale?

[swill453]

No, once you have cash in your hands it's yours to do what you like with, no further tax to pay.

(Other than VAT, excise duty etc. on what you buy )

Scott.

[DrFfybes]

am I correct in thinking that we will subsequently only be liable for tax on the interest earned

No, once you have cash in your hands it's yours to do what you like with, no further tax to pay.
.

By "no" he means "Yes"

As in "Yes, you are correct".

[scrumpyjack]

although the government will ensure its purchasing power is rapidly eroded by inflation. That may be considered a form of taxation

[swill453]

am I correct in thinking that we will subsequently only be liable for tax on the interest earned

No, once you have cash in your hands it's yours to do what you like with, no further tax to pay.
.

By "no" he means "Yes"

As in "Yes, you are correct".

As in no, you will not have to pay tax on drawings.

But your clarification is welcome

Scott.

[Blatter]

Thanks all.

I got the dirft

[Mike88]

https://www.gov.uk/apply-tax-free-interest-on-savings

[monabri]

Depending on the sums of money here make sure you know the rules regarding the Financial Services Compensation Scheme ( FSCS) when depositing money in a bank/building society.

https://www.fscs.org.uk/

[DrFfybes]

By "no" he means "Yes"

As in "Yes, you are correct".

As in no, you will not have to pay tax on drawings.

But your clarification is welcome

Scott.

Hey Scott, MrsF has hacked your account.