Savings Account Interest Calculation

Hello, Please can somebody answer my query. I have fixed term accounts that mature on different months of the year. I wish to know if I have to submit the interest earned, as follows: Account 1: Fixed Term : 6th Jun 22 – 5th Jun 23 Interest for tax year 6th Apr 2022 – 5th Apr 2023 is calculated from 6th Jun 22 – 5th Apr 23 = A Interest for tax year 6th Apr 2023 – 5th Apr 2024 is calculated from 6th Apr 23 – 5th Jun 23 = B Account 2: Fixed Term : 3rd Jan 23 – 2nd Jan 24 Interest for tax year 6th Apr 2022 – 5th Apr 2023 is calculated from 3rd Jan 23 – 5th Apr 23 = C Interest for tax year 6th Apr 2023 – 5th Apr 2024 is calculated from 6th Apr 23 – 2nd Jan 24 = D Tax Year: Interest earned for Tax Year 6th Apr 2022 – 5th Apr 2023 = A+C Interest earned for Tax Year 6th Apr 2023 – 5th Apr 2024 = B+D Please confirm if the above method is correct for submitting the interest earned on the Self Assessment.

Hi,
 

You will declare the interest in the tax year in which it is applied and you do not apportion it. The banks/building society normally issue a certificate to confirm the intetest received each tax year and it is these figures that you use irrespective of the date in the year that the accounts mature  . Thank you.

Thank you for clarifying my query. Much Appreciated.