Tax on Raisin Interest

newbieni

Hi All,

I had an account with Raisin that matured in February 2024. i just realised that Raisin does not take off the tax on the interest. Do I need to declare this HMRC via a self-assessment?

Thanks in advance.

Ayr_Rage

No banks take tax off interest these days.

Whether you need to declare it depends on if you need to file a Self Assessment return, check on the website.

https://www.gov.uk/self-assessment-tax-returns

newbieni

Ayr_Rage said:

No banks take tax off interest these days.

Whether you need to declare it depends on if you need to file a Self Assessment return, check on the website.

https://www.gov.uk/self-assessment-tax-returns

I do need to complete a self-assessment.

Dazed_and_C0nfused

newbieni said:

Ayr_Rage said:

No banks take tax off interest these days.

Whether you need to declare it depends on if you need to file a Self Assessment return, check on the website.

https://www.gov.uk/self-assessment-tax-returns

I do need to complete a self-assessment.

Then it will form part of the total you enter in the untaxed interest box.

ab56

Yes, you ought to declare the Raisin interest on your self-assessment form (unless the interest earned is on an ISA account).

newbieni

ab56 said:

Yes, you ought to declare the Raisin interest on your self-assessment form (unless the interest earned is on an ISA account).

Is Raisin interest not automatically taxed?

eskbanker

newbieni said:

ab56 said:

Yes, you ought to declare the Raisin interest on your self-assessment form (unless the interest earned is on an ISA account).

Is Raisin interest not automatically taxed?

Savings interest (from anyone) has been paid gross since 2016....

Sea_Shell

Raisin don't declare interest to HMRC either, like most other providers do.

DRS1

newbieni said:

ab56 said:

Yes, you ought to declare the Raisin interest on your self-assessment form (unless the interest earned is on an ISA account).

Is Raisin interest not automatically taxed?

Is there something special about Raisin?

Dazed_and_C0nfused

DRS1 said:

newbieni said:

ab56 said:

Yes, you ought to declare the Raisin interest on your self-assessment form (unless the interest earned is on an ISA account).

Is Raisin interest not automatically taxed?

Is there something special about Raisin?

They are an intermediary, a bit like Hargreaves Lansdown and their Active Savings option.

Reporting of interest in that situation seems to be a grey area.

financies

A point of fiscal interest may be that Raisin offers "Sharia accounts", which do not pay interest as such but present it as profit-sharing, which therefore should be considered not to be taxed interest, but rather capital gains taxed. EDIT: It appears that the profit-sharing is still treated as interest..