We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Declaring Savings Interest through Self Assessment
Options
Comments
-
Dazed_and_C0nfused said:spider42 said:Beddie said:When you say "It seems a bit of a pointless exercise" - you're right!
But they are the rules, so just go along with it. It won't take too long to do online, and once you've done it once you'll find it very quick and easy in future years.
The law only requires you to complete a Self Assessment return if HMRC has issued you with a notice requiring you to complete a Self Assessment return. A taxpayer who hasn't received such a notice has no obligation to complete a return, and neither do they have any obligation to register for Self Assessment (despite what HMRC say on their website). (Section 8 TMA1970)
The taxpayer has an obligation to notify HMRC if they owe some Income Tax or CGT. (Section 7 TMA1970). HMRC's response will often then be to issue a notice requiring a tax return. But if you don't owe any tax, then you have no obligation to do anything, regardless of whether the interest is above or below £10,000.
If a notice to file a return (or an actual return) is issued then you do either have to complete it or persuade HMRC to withdraw it.
Once issued the "no obligation" bit is redundant.
It will be interesting to see if HMRC decide to start issuing returns next summer when they become aware of more and more people receiving £10k in interest.0 -
I understand your query and am in the same position. Was this information correct? Did you submit a self assessment or not? Thanks0
-
Lerennie said:I understand your query and am in the same position. Was this information correct? Did you submit a self assessment or not? Thanks
https://www.gov.uk/hmrc-internal-manuals/self-assessment-legal-framework/salf2101 -
It’s no big deal and won’t take you long to complete. I prefer SA as I know things are accurate that way.1
-
Dazed_and_C0nfused - perfect thank you.0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.1K Mortgages, Homes & Bills
- 177K Life & Family
- 257.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards