Skip to main content

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

Posted Fri, 19 Apr 2024 13:24:31 GMT by Paulo Rodrigues
Hi, I live in Scotland and during the tax year 2023-2024 I earned more than £1000 in interest from savings I had in several bank accounts. I understand I will have to pay income tax on earned interest above £1000, correct? Will the banks inform HMRC of how much interest I earned or do I need to declare it? If I need to declare it, how can I do it and by what deadline? Thank you, 

Name removed admin .
Posted Wed, 01 May 2024 07:48:25 GMT by HMRC Admin 25 Response
Hi Paulo Rodrigues,
The banks and building societies submit the untaxed interest details to HMRC after the tax year end.
Once received we will review the tax year and if underpaid a calculation will be issued with the details. 
Thank you. 

You must be signed in to post in this forum.