Termed/Fixed deposit interest rate in the UK

Currently,
If I put 1 million pounds in termed deposit account, in any bank in the UK,
after 1 year, how much interest the bank will pay me?
Do I need to pay tax for the income?

 

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Roughly 14,000 pounds. Yes, you pay tax.

 

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14000 pounds is not net?

 

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You have to pay taxes on it at income time.

 

Why not the bank deduct the tax and pay me net?
UK's interest is very low, in Malaysia 1 million can get 25000 per annum.

 

I don't like in the UK. I don't know how taxes work there but in the U.S. the bank doesn't deduct your taxes.

Why are you even worried about any of this? Are you planning on putting 1,000,000 pounds in a bank in the U.K.?

 

Because you made the money; you pay the tax. Not the bank's job to figure that out (usually.) Although if you pay them enough I am sure they'd be happy to make an estimated payment on your behalf.

 

My son is going to UK Birmingham University study Medicine, which will cost about £225000 for international student for 5 years - fees plus living expenses.
I am thinking about deposit a lump sum of money in a bank in the UK.
Now pound is lower than previous time.
Which bank is good?
HSBC?

 

I plan for migration for my son, MBBS (MBCHB) medical degree from UK is recognized among Commonwealth countries.
Next time he can work in UK, Ireland, Australia, New Zealand.
Medical doctor can earn quite reasonable salary.
Malaysia is going to be very Racist, always talk about Islam.
One day non-muslim will be forced to convert to muslim.
This country is hopeless.

 

Paying a million pounds for a medical degree seems a bit steep.

 

it wont be a million, just nearly £250k.

 

I quite like in the UK, which is just as well since that is where I live.

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In fact, until recently, UK financial institutions used to deduct basic rate income tax before paying you the interest or dividend. If you were a basic rate taxpayer you did not have to worry any further about filling in a tax return. If you were a higher rate taxpayer you had to declare it and pay the extra. But the tax rules were changed a few years ago and now interest and dividends are paid gross.

When they changed it they introduced a dividend allowance, separate from the income tax personal allowance. Now, you only have to declare earnings from dividends and interest >£2000 (I think it is), regardless of whether or not you have exceeded your income tax personal allowance. I think the idea was to keep things simple for investors of modest means, without getting into all the hassle of annual tax returns. It was a tax giveaway meant to encourage saving - I suppose a bit of a vote-buying wheeze aimed at the middle classes.

Doesn't help me: I have to do a tax return anyway.

 

Thanks for the info. I knew that there were some places where more taxes were automatically taken out than here but that's not the way it works here and I don't "like"

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in the UK I wasn't sure how it worked there.

 

Oxford, Cambridge, London University MBBS 6 years program, very long and more expensive tuition fees.
Other universities mostly 5 years and cheaper.
Birmingham University is good.
Study in Scotland like Edinburgh/Dundee/Glasgow Universities will require you to pay Extra 10k pounds/year to the Scottish government, this is very unfair.
An international student's fees is 7 to 8 times more expensive than local/EU student, this is very unfair.
British government is discriminating global students.

 

They are discriminating but it's not "unfair". They have no obligation to educate "global" students.

 

bullshit, without global students they cannot survive.

 

They can survive without global students but what global students mean to them for the most part is students who are paying the full cost of tuition whereas many other students get grants or scholarships.

If they make the cost of tuition for global students the same as for local students...they don't need global students.

 

UK's universities will cry if they lost international students and revenue will decrease by tens of billions pounds.
Some UK's universities open branches in Malaysia/Singapore/China/Indonesia, they are desperate for money.

 

Education is a major Australian Export apparently.
Alex

 

When international students come to UK, they will spend money for food, accommodation, travelling, tons of money will pour into the country.