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Dear Customer,
Following the 2015 pre-Election Budget announcement, with effect from 6 April 2016, savings interest will only be paid gross (i.e. without income tax deducted). Currently, interest is paid only on our fixed term deposit accounts.
You don’t need to do anything. We have updated our terms and conditions to reflect these changes. If you require further information, or if you believe that you should have already been receiving your interest gross, please contact your tax adviser or HM Revenue & Customs at www.gov.uk/contact-hmrc
Yours sincerely,
Bank of China (UK) Limited
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