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Club Lloyds Platinum Interest

Can anyone shed any light on the annual interest summaries?

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Does anyone understand anything about these accounts?

I have an annual interest summary showing a rather odd-looking Gross Interest £125.08,  Tax deducted £2.83,  Net Interest £122.25

I've seen the bank statements and the interest only totals £67.89 - which is about right given the balance and the interest rate?  So what could the difference represent?   And why would tax be deducted from it?

Lloyds website is completely unhelpful!

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By alialdabawi
19th Nov 2019 13:52

Check the dates on the interest summary - Lloyds may be using a 12 month period different to the tax year to get to the figures on the summary

At ~£10/month, my guess is that the first month of their 12 month period has had tax at source of 20% deducted after which interest was paid gross for the remaining months

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By Swedish Chef
19th Nov 2019 13:52

alialdabawi wrote:

Check the dates on the interest summary - they may be using a 12 month period different to the tax year

Definitely 6.4.18 to 5.4.19

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Replying to Swedish Chef:
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By alialdabawi
19th Nov 2019 13:55

I'm stumped.

Maybe combined figures with a sub/linked-account?

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By Paul D Utherone
19th Nov 2019 14:07

Could the rest be a bonus (not interest) taxed at source like the Halifax Reward, or maybe Lloyds offered something similar at the start of the year that paid a gross bonus of £14.15 and had £2.83 tax deducted? Not obvious from the Lloyds website so may be a legacy product that became Club Lloyds Platinum

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