Interest details on HMRC Personal Tax Account. Updated to include how to access interest details.

edited 2 October 2019 at 5:27PM in Savings & Investments
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  • schiffschiff Forumite
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    drob4 wrote: »
    I have an Al Rayan 1 year fixed term deposit, maturing June 2020. I requested the interest to be paid along with the return of capital in June when the term ends.

    I've received two statements from Al Rayan (in Sept and Dec) showing the quarterly interest has been added to my initial deposit. Do I treat this as receving interest in the current tax year (any previous fixed term deposit has just paid the interest in a lump sum at the end of the term)?

    Grateful for any advice.

    I believe that it is taxable in the tax year when you had access to it. Virgin regular savers have always had interest added mid-term and as you can withdraw at any time from that account, I assume the mid-term interest applies to the tax year of receipt (credited) even though maturity may be in the next tax year. Other accounts are probably similar, yours too possibly.

    I've not tested it as I haven't the courage to do anything so far with HMRC on the matter! Still hopefully waiting for it to work perfectly.
  • youngretiredyoungretired Forumite
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    Kent Reliance fixed bonds credit interest on the 5th April and then at the end of the period.

    This was a surprise as we thought fixed bonds were paid on the maturity of the bond. Therefore it is best to ask the bank if they will be submitting the information to HMRC, so you know for a fact.
  • 20102010 Forumite
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    Kent Reliance fixed bonds credit interest on the 5th April and then at the end of the period.

    This was a surprise as we thought fixed bonds were paid on the maturity of the bond. Therefore it is best to ask the bank if they will be submitting the information to HMRC, so you know for a fact.

    It will be in the T&C when interest is paid.

    Interest amounts from banks and B/soc is sent to HMRC around July/August following the end of the current tax year.

    If the above case is correct some of the interest will come into this tax year and the remainder with fall into the next tax year.
  • schiffschiff Forumite
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    2010 wrote: »
    It will be in the T&C when interest is paid.

    Isn't it also to be withdrawable at the time it's added?
  • 20102010 Forumite
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    schiff wrote: »
    Isn't it also to be withdrawable at the time it's added?

    No idea,I haven`t got an account with them but that too should be in the T&C.
  • edited 3 January 2020 at 5:22PM
    polymaffpolymaff Forumite
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    edited 3 January 2020 at 5:22PM
    re: Al Rayan:
    • The expected profit rate is 1.31% annual equivalent (where profit is reinvested and paid on maturity)
    • Profits paid can be taken quarterly. For customers who choose to do this, the gross per annum expected return is 1.30%
  • colstencolsten Forumite
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    This is about the KRBS fixed rate bonds.
    schiff wrote: »
    Isn't it also to be withdrawable at the time it's added?
    You can withdraw any amount before maturity, subject to 180 days loss of interest on the withdrawn sum. Somewhat defeats the object, I reckon. You can also have the interest paid to a different account but that option needs to be chosen at account opening time.

    For someone who makes interest in excess of their personal savings allowance, it shouldn't be an issue if they have to pay tax in the year they are credited with the interest.
  • badger09badger09 Forumite
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    badger09 wrote: »
    Nothing posted since my last post
    has changed my mind about participating in this fiasco.

    I too have had my figures accepted, received revised P800s & coding notices, only to have them later revised to include incorrect interest.

    I've provided detailed breakdown of my multiple accounts for 2017/18 and 2018/19 and am giving them 1 last chance to get the figures right, repay my overpayment and correct this year's coding, which will result in another repayment.

    Next step will be formal complaints process:mad:.

    18 October I supplied HMRC with breakdown of interest credited to every account (lots of them:o) for 2017/18 and 2018/19. I'd previously supplied only the totals.

    14 November HMRC sent yet another P800 for 2018/19 with incorrect interest

    9 December I sent formal complaint, with deadline 31 December before I escalated it to MP

    20 December HMRC complaint handler phoned me. He described the notification of interest system as 'a nightmare'. We agreed all figures & he noted all closed accounts.

    30 December - 2 January I received corrected P800 for 2018/19 and further repayment and a corrected code for 2019/20 which had previously included vastly over estimated interest and adjustment for non existent underpayment. They haven't revised 2017/18 back to the correct figure I'd supplied. I assume they have written off the £32 which they'd previously correctly told me I owed:cool:

    Final step will be when my February pension arrives with a tax refund. Its only taken 4 letters and a formal complaint to get it sorted. My sympathies to anyone who loses the will to do battle:(
  • steveksullivansteveksullivan Forumite
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    Trying to access my Tax info via Govt Gateway. When I click on PAYE information I get
    Sorry, the service is unavailable

    You will be able to use the service later.


    Anyone aware of why this is down and when it might be back up?


    Thanks
  • talexusertalexuser Forumite
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    I had two long phone calls, several months apart, taking all the out of date closed accounts off my list (some years out of date from the days of current account incentives etc) only to find all the old accounts listed again weeks later online for both occasions. Finally gave up when HMRC tax was only £100 or so overpayment of my calculation for this tax year (which still does not agree with the list of interest on the secret link). It will wash till sorted next tax year. Now they say my unwrapped dividends have taken me to self assessment next year - whoopee!
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