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Posted Fri, 08 Dec 2023 09:30:12 GMT by
I am currently living off my Armed forces pension which is currently £11979 per year and am not yet state pension age. Since interest rates increased I have closed a lot of accounts and opened new accounts which are now earning interest in excess of £1500 per year. I am confused as to whether the banks and building societies advise HMRC of interest earned. I am currently trying to work out the amount of interest earned in 22/23 so I can report it to HMRC. When I have the figures how do I report it. I assume I can report 23/24 in April?
Posted Wed, 13 Dec 2023 12:26:38 GMT by HMRC Admin 10 Response
Hi
At the end of each tax year the banks and building societies submit the interest details to HMRC so you do not need to submit the details yourself. Once received we will review your record and if tax due a calculation will be issued to you. 

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