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Posted Tue, 28 May 2024 09:46:27 GMT by sam-
I received interest on savings above the £1,000 tax free amount but below £10,000. I was under the impression that my tax code would change this tax year to pay the tax I owe, but my tax code has nor changed. Do I need to do anything? Or will HMRC get round to changing it themselves at some point?
Posted Mon, 03 Jun 2024 09:24:52 GMT by HMRC Admin 19 Response
Hi,

You do not need to do anything. The banks and building societies will notify HMRC at the tax year end of the untaxed interest. Once this information has been received, your record will be reviewed and if you have underpaid, a calculation will be issued and the underpayment collected in the following tax years tax code. 

Thank you.

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