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The amount of interest after tax on £1 million depends on the interest rate offered by the financial institution and the individual's tax situation. For example, if you earn a 2% interest rate annually, you would receive £20,000 in interest before tax. Assuming a basic tax rate of 20%, you would owe £4,000 in tax, resulting in a net interest of £16,000 after tax. However, if you are a higher rate taxpayer or if the interest is subject to different tax rules, the net amount would vary.

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AnswerBot

6d ago

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