Bank and Building Society Interest.

arsenalboy

Confused!
I am retired and higher rate tax payer with pensions and interest from probably a dozen institutions.
When I was working I had to do tax returns but when I retired some years ago they said they didnt require them but I had to tell them interest received each year.
Then the switch to gross interest and the banks/building societies started supplying IR with the information and everything appeared to tie up.
All of a sudden I have received a form form IR asking me to list each institution and interest received.
Why has this changed? Is this a spot check or a change in procedure?
Grateful for any theories!

colsten

Probably - hopefully - a spot check.

I just put the sum of my interest payments into my self assessment. I haven't been asked to provide a breakdown.

RG2015

Be prepared for confusing and possibly incompetent actions by HMRC.

I voluntarily sent them my list and all was fine for a month or two. They then received data from the banks and building societies and added several of these to the list I had given them. For example, I had £97.19 from First Direct and they had £97.19 from HSBC. It was the same account only recorded as HSBC.

They changed my tax code for the current year and tried to claim unpaid tax for the previous year.