Annual interest/tax statements

Grouchy

Hello

Could you tell me if it is mandatory that banks/building societies send these out on an annual basis? Or is it up to the bank to decide and you have to chase up those who don't?

p.s. sorry have tried to use the Search function to see if this has been answered before but it seems not to work for me at all.

Thanks
Grouchy

Lokolo

I just phoned Lloyds for mine and they send them out by the end of July. Not sure about others.

gt94sss2

Grouchy wrote: »

Could you tell me if it is mandatory that banks/building societies send these out on an annual basis?

No - its not.

Or is it up to the bank to decide and you have to chase up those who don't?

Yes, but very few people need tax statements, even if they are filling in a tax return (as opposed to knowing how much interest they earned in an account each year - which many people can work out themselves).

Many banks may automatically publish this information on their statements but as Lokolo says may take until the end of July to do so.

Banks have to send one out on request though

Regards
Sunil

Consumerist

In my experience, some banks send them automatically and others need to receive a request. The vast majority of savers pay only basic-rate tax which is currently deducted at source (i.e. paid net) so a certificate is not needed. I suppose the banks can save some expense by sending certificates only by request.

Grouchy

Thanks for replies, that's clear.