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Posted Mon, 02 Dec 2024 08:10:05 GMT by Lesley_j Jackson
I have earned over £1000 interest over the previous 2 years. I think I have wrongly thought that my tax code would automatically change. But I now think I should have completed a self assessment tax return Can you confirm that is what I need to do?
Posted Fri, 06 Dec 2024 10:42:06 GMT by HMRC Admin 19 Response
Hi,
You do not need to complete a tax return for either year. If you are a basic rate taxpayer, the interest you earned each year will have been covered by the £1000 Personal Savings Allowance. When your interest is covered entirely by this allowance, your code will not change. You can see guidance here:
Tax on savings interest Contents
Thank you.

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