Oak North - Maturity Only?

Doctor_Who

ChilliBob said:

You'd think they would mean it's all just reported at the end wouldn't you, or it certainly looks more likely. 

That's how Oak North seem to say it works. I would keep copies of the relevant documents (T&Cs etc) stating how and when the interest is paid, just in case there is any dispute with HMRC in 4 years time.

Notepad_Phil

Doctor_Who said:

ChilliBob said:

You'd think they would mean it's all just reported at the end wouldn't you, or it certainly looks more likely. 

That's how Oak North seem to say it works. I would keep copies of the relevant documents (T&Cs etc) stating how and when the interest is paid, just in case there is any dispute with HMRC in 4 years time.

In the past I've rung up the HMRC and asked for a statement of what interest payments have been notified to them, so you could also do that in late summer time next year and the year after to see whether there is anything indicating that they have notified them.

Edited to add - currently you have to register for self assessment if your income from savings and investments is over £10,000, so unless that changes then in your opening post you would definitely need to do that for 2027-28. Not an issue if you are already having to self assess, but it could be something that might stop someone who likes the simpler life outside of self assessment.

ChilliBob

Yep, I already have to do self assessment, just if I stay within the basic rate of tax then my wife won't need to - otherwise, for various reasons, she'd need to enter into self assessment too, which she'd not be thrilled with! 

I'd never thought of giving them a bell and asking what they know about me lol - would be so much better if they had something on the online portal which said this is the interest reported to us - let us know if it's wrong etc and you can challenge line by line or add lines - seems to make so much more sense!

Doctor_Who

ChilliBob said:

Yep, I already have to do self assessment, just if I stay within the basic rate of tax then my wife won't need to - otherwise, for various reasons, she'd need to enter into self assessment too, which she'd not be thrilled with! 

I'd never thought of giving them a bell and asking what they know about me lol - would be so much better if they had something on the online portal which said this is the interest reported to us - let us know if it's wrong etc and you can challenge line by line or add lines - seems to make so much more sense!

I think I've read that HMRC tried having the information in your personal tax account, but there were issues (who'd have thought, issues at HMRC!) and the functionality was subsequently removed.

ChilliBob

Yeah I can imagine, much like the NHS and stuff, that their systems are a rather tricky mess of legacy, new and all sorts, probably some stuff without documentation too