Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Fri, 24 Nov 2023 11:54:32 GMT by
I have just been informed of a tax code change by HMRC and see that my tax code has been reduced by the addition of a "Untaxed interest on savings and investments" deduction. Last tax year I ended up owing some tax due to savings but settled this outright and I owe nothing further from the last tax year. Since April I have moved all my savings into tax free products (ISA, Premium Bonds) and don't believe I have any outstanding untaxed savings. Why is HMRC making this deduction on my tax code?
Posted Wed, 29 Nov 2023 08:48:52 GMT by HMRC Admin 25
Hi Mac1304,
The previous tax years savings details will be used as an estimate for the current tax year.
If your savings have changed then you will need to contact HMRC to review and update your tax code.
Income Tax: general enquiries
Thank you. 

You must be signed in to post in this forum.