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Posted Sat, 06 Apr 2024 12:05:56 GMT by John298 Wood
Hi I’m retired and receive various pensions, I’ve gone just over my £1000 PSA for the last tax year will the banks inform you of the interest paid of do I need to inform you. I have already received my new tax code for 2023-2024 so will I receive an adjusted tax code when you receive the information from the banks. Many thanks.
Posted Wed, 17 Apr 2024 06:25:20 GMT by HMRC Admin 25
Hi John298 Wood,
Generally, we are notified of the amount of interest you receive from Banks or Building Socities each year.
This, however, in itself would not trigger the issue of a new PAYE code for the current tax year.
For your own records, certainly no harm in writing to us informing us of the total amount of bank interest received for 2023/2024 plus an estimate for the current year.
If your estimated interest for the current tax year was more than £1,000 then this would generate a new PAYE tax code for the current year 2024/2025.   
Thank you.     

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