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Posted Thu, 11 Apr 2024 10:30:32 GMT by Romfordian
For PAYE I understand monthly interest from savings accounts are paid gross and notified to HMRC for adjustment of tax code. What happens if the amount exceeds personal income tax allowance?
Posted Mon, 22 Apr 2024 11:06:47 GMT by HMRC Admin 5
Hi

If above the personal allowance then your tax code will be updated to include the taxable element. 

Thank you
Posted Mon, 22 Apr 2024 21:33:37 GMT by claliamin XXX
When the tax code changes, when will money go out of my account ? I had more accounts, will each account be charged with the corresponding tax? What if I have no money left in that account?
Posted Fri, 03 May 2024 06:34:52 GMT by HMRC Admin 25
Hi claliamin XXX,
When your tax code changes, any tax owed will be deducted from your wages by your employer. 
Thank you. 
 

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