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Posted Thu, 20 Jun 2024 10:40:34 GMT by BlueBerry14
Hi, I'm a resident in the UK(full-time employment) and my PSA is 500 pounds per year. I opened saving accounts at the end of last year for the first time. I'll go over my allowance with my savings account. My question is the following: Does my bank will notify HRMC the amount of my savings interest and HRMC will automatically update my tax code? OR do I need to do anything about it? If the bank is supposed to notify HRMC, how can I double-check that? I read multiple threads on this forum and got confused with all the different answers.I ask someone at the Bank who basically didn't know. Thank you very much, Arnaud
Posted Wed, 26 Jun 2024 09:47:45 GMT by HMRC Admin 21 Response
Hi BlueBerry14,
Your banks and building societies will contact us at the end of the tax year to inform us of any savings interest you received. If any tax is due on this figure of interest, we will contact you detailing options on how to pay this. This figure of interest is also used to predict the savings interest you will receive in the following tax year, which is then applied to your tax code.
You can read more here - Tax on savings interest.
Thank you.
 
Posted Wed, 26 Jun 2024 10:42:17 GMT by BlueBerry14
Thanks!

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