Some NS&I products pay returns that are free from income and capital gains tax. These include:

• cash ISAs
• premium Bonds
• fixed Interest and Index-Linked Savings Certificates
• junior ISAs

With regards to Guaranteed Income Bonds, Guaranteed Growth Bonds, Income Bonds, Direct Saver and Investment Accounts, the returns are taxable but paid ‘gross’ (without tax taken off).

If you’re a UK taxpayer, you have a duty to declare the income to HM Revenue & Customs and pay any tax you owe. Please keep your NS&I annual interest statements and speak to us or your accountant. You should know that tax may change in the future.