Changes to bank interest calculation from April 2016

mspritch

I received a letter from Tesco today detailing changes to their terms and conditions, and this one caught my eye. From Changes to your Tesco Bank Current Account agreement:-

Prior to 6th April 2016 tax is deducted from interest earned. The gross rate is the interest we pay before tax. The net rate is the interest we pay after basic rate income tax is deducted. Non taxpayers need to send us a completed R85 form to receive gross interest. Higher rate taxpayers may have to pay additional tax. Please contact HMRC for more information on tax.
From 6th April 2016 onwards we will not deduct tax from the interest you have earned, unless we are required to do so by law. Please note that you may be liable to pay tax on the interest you have earned. Please contact Her Majesty's Revenue and Customs (HMRC) if you need more information on tax or tax exemptions.

Does this mean everyone with a bank account will be expected to fill in a self assessment form?

mspritch

Never mind, just found the answer (yes I had searched beforehand): http://www.moneysavingexpert.com/savings/personal-savings-allowance

Can't delete the initial post, don't mind if the moderators do.