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Posted Wed, 30 Oct 2024 10:26:17 GMT by surrealvii
Hello, I am a basic rate tax payer in employment who is not normally required to complete a self-assessment. Last tax year 2023/24 I received interest on my savings above the £1,000 allowance, but below the £10,000 mandatory reporting threshold. The interest all came from a UK-registered bank - (name of the bank removed by the admin). I understand that normally I wouldn't need to report this to HMRC as the bank is supposed to do it. However, Chase UK state that the do not report to HMRC - (external link removed/edited by the admin) - even though my understanding is that they should. I still have not received any demand for additional tax payment from HMRC nor has my tax code been updated to reflect any extra tax I may potentially owe. Do I need to inform HMRC or the interest income from (name of the bank removed by the admin)? Thank you.
Posted Mon, 04 Nov 2024 11:38:57 GMT by HMRC Admin 18 Response
Hi,

The bank should submit details of the untaxed interest to HMRC after the tax year end. To check if received you can contact HMRC at:

Income Tax: general enquiries

Thank you.

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