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Posted Fri, 22 Sep 2023 10:55:32 GMT by Tiny Weasel
Hello, I have always been a PAYE employee for decades and currently am a higher rate tax payer (but well short of £100K, unfortunately). Due to rising interest rates last year my savings interest exceeded the £500 tax free allowance. Is this reported to HMRC by the bank or do I have to report it myself? I completed the questionnaire about whether I need to send a self assessment but the result was No. Thanks
Posted Mon, 02 Oct 2023 10:26:20 GMT by HMRC Admin 32 Response
Hi,

Yes, the bank will report the interest details to HMRC and we will review the record and issue a calculation if underpaid or over paid in tax. 

Thank you.

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