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Personal Savings Allowance
Parrskool
Posts: 3 Newbie
in Cutting tax
My PSA of £1,000 this year may be exceeded. Do I need to inform HMRC or will this be done automatically by my bank or NS&I ?
Thanks
Thanks
0
Comments
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Will your interest be £10,000 or more?
Do you currently complete Self Assessment returns?0 -
No to both.......... up to now my savings have all been in Tax free accounts. However I now have a Bond maturing which will go over the £1,000 PSA limit.0
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The provider will report the interest to HMRC, who at some point will probably adjust your tax code to get any tax owing.1
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That's a big help. It must take quite a while for HMRC to sort all this out.
I did wonder how it was done.0 -
Make sure you check their figures carefully
1
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