Do you need to complete a Tax Return – whose responsibility is it to tell HMRC?
This is a question we get asked a lot.
As a Tax Adviser I am concerned that there will be a significant number of taxpayers who will only know about this when a letter from HMRC lands on the doorstep in a couple of years time.
If you have family members who you think might have even a modest amount of savings it is worth asking them the question.
With recent increases to bank and building society interest rates, at Scrutton Bland we are seeing instances where for the first time bank and building society savings of as little as ￡25,000 are creating an obligation to file a Tax Return due to the interest being received and the removal of the requirement for banks and building to deduct any income tax from interest before you get it that occured on 6 April 2006.
If you wanted some more detail there is an article on our website.