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Opening a new savings account

Posted Wed, 03 May 2023 10:19:02 GMT by
If a new savings account is opened with a UK Financial Institution i.e. Bank/Building Society - Firstly-Do I need to notify HMRC when an account has been opened? Secondly- do I have to advise HMRC of the interest received or will the Bank/Building Society advise HMRC directly. Thirdly,if the interest received in any given Tax year exceeds the £1k personal allowance will HMRC contact me directly to advise, without me having to contact them.
HMRC Admin 32
Posted Wed, 10 May 2023 11:07:08 GMT by HMRC Admin 32
Hi,
  1. You don't need to notify HMRC.
  2. The Bank/Building Society will inform HMRC of the interest after the tax year has ended.
  3. If additional tax is due you will receive a P800 tax calculation.
Thank you.

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