Tax on savings interest

WITH UK or French savings interest, do you have to declare the interest although not actually drawn down? Is savings interest that is not drawn as income and is left to roll over still taxable in France? Can you offset investment losses against investment gains when in an assurance vie or Qrops scheme? K.E.

Published Modified

ALL interest, whether drawn or not, has to be declared since it is what is earnt that has to be declared, not what is used. Likewise, yes, any income received (drawn) is taxable.

Unfortunately, one cannot offset investment losses incurred in one sort of product against the gains of another product since each product is taxed differently.

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