Question:

Credit unions and income tax?

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Can anyone tell me what the law is

( in the UK) on credit unions and income tax?

I have been informed by my local credit union that I don’t have to pay income tax on the interest I have earned on my savings,

My concern is I am getting the wrong advice

And the taxman will, one day, catch up with me.

Many thanks everyone for your help.

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1 ANSWERS


  1. If tou earn less than the personal allowance then you may not.

    Tax on savings is 20%

    You can check for yourself on the government website

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