Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Tue, 14 Nov 2023 09:53:40 GMT by
Hi, I have a 3 year fixed saver bond where the interest is paid in annually, but not accessible until maturity ( although t&c's mention exception can be made in cases of proven extreme hardship). Am I required to declare this interest on my annual self assessment or not until the third year on maturity. How do I know that I will not be taxed more than once erroneously - Ie I will end up being taxed annually for each of the 3 years and then on maturity for the total compounded interest? What is the correct procedure when filling in the self assessment? Am I at fault if I do not report the interest until I have access at maturity? Other answers I have seen on this forum have still left issue unclear to me.
Posted Tue, 14 Nov 2023 14:52:22 GMT by HMRC Admin 17

Hi ,
As you cannot access it until maturity, you will declare it the year it matures.

Please refer to :

Savings and Investment Manual   .

Thank you .

You must be signed in to post in this forum.