Tax code for interest

eskbanker

Yes, there's no need to contact HMRC about savings interest income unless they send you figures you disagree with when they've tallied them up later in the year.

And yes, interest on joint accounts is deemed to be 50/50 unless notified otherwise.

Dazed_and_C0nfused

Idiot_Savant said:

This is very interesting.  I am retired, take no pension and am living off savings. I have my money in various accounts earning interest. 

Can I then assume that HMRC know exactly how much tax I should be paying, because the financial institutions tell them how much I have earned in interest, and that there is no need for me to contact them. 

Also, I assume that joint accounts are split 50 50 with my wife when it comes to interest earned? TY

If your interest is less than £10k then you shouldn't need to do anything.

But if you are at least 55 why aren't you doing the turning £2,880 into £3,600 wheeze??

Seems a wasted opportunity given you presumably have a lot of unused Personal Allowance.