Tax Certificate obligation?

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  • masonic
    masonic Posts: 23,211 Forumite
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    Ozzig said:
    Are financial institutions obliged to provide you with a tax certificate ("certificate of interest"), on request if necessary?  They're obliged to tell HMRC the total interest they paid you in the tax year but are they obliged to tell you?

    For context, I have savings with one particular financial institution that says in their FAQ 
    We’re no longer issuing tax certificates ...
    Sainsbury's Bank? 
    https://www.sainsburysbank.co.uk/savings/support

    Right first time.  I accumulated quite a few accounts that are now almost empty but which I never closed.  I really don't want to go through each of these, find the small amount of interest and add up to total.  Particularly not when the bank must have done this themselves to tell HMRC.    



    Not the best answer I know, but HMRC will provide details of what has been declared to them, at least you'd have a list to work from.
    How do you get HMRC to provide you with details of all interest payments you have earned during any tax year
    Is there a simple procedure
    If you phone them, then they will go through their figures with you.
  • Ozzig said:
    Are financial institutions obliged to provide you with a tax certificate ("certificate of interest"), on request if necessary?  They're obliged to tell HMRC the total interest they paid you in the tax year but are they obliged to tell you?

    For context, I have savings with one particular financial institution that says in their FAQ 
    We’re no longer issuing tax certificates ...
    Sainsbury's Bank? 
    https://www.sainsburysbank.co.uk/savings/support

    Right first time.  I accumulated quite a few accounts that are now almost empty but which I never closed.  I really don't want to go through each of these, find the small amount of interest and add up to total.  Particularly not when the bank must have done this themselves to tell HMRC.    



    Not the best answer I know, but HMRC will provide details of what has been declared to them, at least you'd have a list to work from.
    How do you get HMRC to provide you with details of all interest payments you have earned during any tax year
    Is there a simple procedure 

    For what it's worth I prepare my own statement for each bank
    But it would be good to have the info from HMRC as a check to ensure nothing has been missed
    Particularly on closed accounts which may have paid interest but been missed 
    Yes, just phone them up or go on webchat and ask.

    When you ask will determine how accurate the information is as banks have until 30 June after the tax year ends to supply HMRC with the information before it is then married up with your tax records.

    So you should get good data now for 2022-23 but contacting them in July next year for 2023-24 would probably be too early to be confident how complete it is.
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