Tax rates for saving accounts

[Sallywebstersnipples]

Hello

I assume the TRNC Government tax savings, if so what's the rate?


Thanks in advance
SWN

[Keithcaley]

10%

[Mowgli597]

10%

On Lira accounts. 13% on Euro savings accounts.

I don’t know the Sterling rate but would presume it’s the same as the Euro.

[MVP]

Is there a double taxation agreement with the UK ?

[ElectricianPete]

I think it's 18% on sterling, but check with your bank

[Philoz]

I was under the impression that the rate (on TL accounts) was lower for longer term deposits.
I took out a 1 year bond last year and was told the tax rate was 5%.

[Sallywebstersnipples]

Just received a reply from our bank. Tax is charged at 18% on Sterling accounts and deducted at source.

[Mowgli597]

I was under the impression that the rate (on TL accounts) was lower for longer term deposits.
I took out a 1 year bond last year and was told the tax rate was 5%.

No. The rate for 1 year TL savings is definitely 10%. We have several which mature at different times (latest in March this year) and it is always 10%.

Unless it’s changed since March, of course! Or unless our bank charges more

[Mowgli597]

Is there a double taxation agreement with the UK ?

Not being a U.K. taxpayer I can’t answer definitively but since the TRNC doesn’t officially exist then I doubt it.

But then how does the U.K. taxman know how much interest you’ve earned, unless you tell him?

[compass]

TL accounts are 10% tax on interest and Sterling accounts 18% tax. This change was introduced after the lira crashed last year.............

Compass