Do I have to pay tax on my interest?

Yes. As with other savings and investment products, the interest you earn through Octopus Choice is paid before tax (gross of tax). You may have to report it to HMRC at the end of each financial year and pay tax on it.

However, it’s worth remembering that basic rate taxpayers are entitled to earn £1,000 of interest tax free each year (£500 for higher rate and, unfortunately, nothing for additional rate). Remember that tax treatment depends on your individual circumstances and may be subject to change.

Still need help? Contact Us Contact Us