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Bank interest withholding tax

Bank interest withholding tax

Old Jan 11th 2024, 1:02 pm
  #1  
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Default Bank interest withholding tax

My bank is saying that tax ta 28% will be taxed from any interested earned in a bank account in Portugal. I wondered if anyone knows how as a UK tax resident I get to claim back the tax. The bank says that I can do it in Portugal without completing a Portuguese tax return, but I am not so sure. I am starting to think it would be better to move the money to a UK euro account so that I can deal with the tax on interest through usual UK tax return and not have to bother with Portuguese tax return/system. Anyone got any thoughts or suggestions.

Thanks for your help.
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Old Jan 12th 2024, 10:31 am
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Default Re: Bank interest withholding tax

I find it's best for us to just have a current account here and transfer what's needed from UK accounts, a couple of times a year.. We are UK tax resident and on advice from local Finances, don't bother with tax returns.
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